Acorah Software Products - Accounts Production 14.6.300 false true 28 February 2023 1 March 2022 true No description of principal activity 1 March 2023 29 February 2024 29 February 2024 07055923 Mr William Lombard Mr Jack Lombard Mrs Ann Lombard iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 07055923 2023-02-28 07055923 2024-02-29 07055923 2023-03-01 2024-02-29 07055923 frs-core:CurrentFinancialInstruments 2024-02-29 07055923 frs-core:Non-currentFinancialInstruments 2024-02-29 07055923 frs-core:FurnitureFittings 2024-02-29 07055923 frs-core:FurnitureFittings 2023-03-01 2024-02-29 07055923 frs-core:FurnitureFittings 2023-02-28 07055923 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-02-29 07055923 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-03-01 2024-02-29 07055923 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-02-28 07055923 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 07055923 frs-core:MotorVehicles 2024-02-29 07055923 frs-core:MotorVehicles 2023-03-01 2024-02-29 07055923 frs-core:MotorVehicles 2023-02-28 07055923 frs-core:PlantMachinery 2024-02-29 07055923 frs-core:PlantMachinery 2023-03-01 2024-02-29 07055923 frs-core:PlantMachinery 2023-02-28 07055923 frs-core:WithinOneYear 2024-02-29 07055923 frs-core:ShareCapital 2024-02-29 07055923 frs-core:RetainedEarningsAccumulatedLosses 2023-03-01 2024-02-29 07055923 frs-core:RetainedEarningsAccumulatedLosses 2024-02-29 07055923 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 07055923 frs-bus:FullAccounts 2023-03-01 2024-02-29 07055923 frs-bus:SmallEntities 2023-03-01 2024-02-29 07055923 frs-bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 07055923 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 07055923 frs-bus:SmallCompaniesRegimeForDirectorsReport 2023-03-01 2024-02-29 07055923 frs-bus:Director1 2023-03-01 2024-02-29 07055923 frs-bus:Director2 2023-03-01 2024-02-29 07055923 frs-bus:Director3 2023-03-01 2024-02-29 07055923 frs-core:CurrentFinancialInstruments 1 2024-02-29 07055923 frs-countries:EnglandWales 2023-03-01 2024-02-29 07055923 2022-02-28 07055923 2023-02-28 07055923 2022-03-01 2023-02-28 07055923 frs-core:CurrentFinancialInstruments 2023-02-28 07055923 frs-core:Non-currentFinancialInstruments 2023-02-28 07055923 frs-core:BetweenOneFiveYears 2023-02-28 07055923 frs-core:WithinOneYear 2023-02-28 07055923 frs-core:ShareCapital 2022-02-28 07055923 frs-core:ShareCapital 2023-02-28 07055923 frs-core:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 07055923 frs-core:RetainedEarningsAccumulatedLosses frs-core:PreviouslyStatedAmount 2022-02-28 07055923 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28 07055923 frs-core:CurrentFinancialInstruments 1 2023-02-28
Registered number: 07055923
Fernhill Farms Ltd
Directors' Report and
Unaudited Financial Statements
For The Year Ended 29 February 2024
mca business ltd
4 - 6 The Wharf Centre
Wharf Street
Warwick
Warwickshire
CV34 5LB
Directors' Report and Unaudited Financial Statements
Contents
Page
Company Information 1
Directors' Report 2
Accountant's Report 3
Profit and Loss Account 4
Balance Sheet 5—6
Statement of Changes in Equity 7
Notes to the Financial Statements 8—10
Page 1
Company Information
Directors Mr William Lombard
Mr Jack Lombard
Mrs Ann Lombard
Company Number 07055923
Registered Office 4 - 6 The Wharf Centre
Wharf Street
Warwick
Warwickshire
CV34 5LB
Accountants mca business ltd
4 - 6 The Wharf Centre
Wharf Street
Warwick
Warwickshire
CV34 5LB
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 29 February 2024.
Directors
The directors who held office during the year were as follows:
Mr William Lombard
Mr Jack Lombard
Mrs Ann Lombard
Statement of Directors' Responsibilities
The directors are responsible for preparing the Directors' 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 the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small Company Rules
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.
On behalf of the board
Mr William Lombard
Director
05/08/2024
Page 2
Page 3
Accountant's Report
Chartered Accountant's report to the directors on the preparation of the unaudited statutory accounts of Fernhill Farms Ltd for the year ended 29 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Fernhill Farms Ltd for the year ended 29 February 2024 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member 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/en/membership/regulations-standards-and-guidance.
This report is made solely to the directors of Fernhill Farms Ltd , as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of Fernhill Farms Ltd and state those matters that we have agreed to state to the directors of Fernhill Farms Ltd , 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 Fernhill Farms Ltd and its directors, as a body, for our work or for this report.
It is your duty to ensure that Fernhill Farms Ltd 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 or loss of Fernhill Farms Ltd . You consider that Fernhill Farms Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Fernhill Farms Ltd . 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 financial statements.
Signed
05/08/2024
mca business ltd
4 - 6 The Wharf Centre
Wharf Street
Warwick
Warwickshire
CV34 5LB
Page 3
Page 4
Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 2,804,589 2,203,531
Cost of sales (2,261,513 ) (1,657,930 )
GROSS PROFIT 543,076 545,601
Distribution costs - -
Administrative expenses (446,414 ) (432,993 )
Other operating income 50,765 54,444
OPERATING PROFIT 147,427 167,052
(Loss)/profit on disposal of fixed assets (88 ) 13,792
Interest payable and similar charges (1,119 ) (982 )
PROFIT BEFORE TAXATION 146,220 179,862
Tax on Profit (3,910 ) (25,512 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 142,310 154,350
The notes on pages 8 to 10 form part of these financial statements.
Page 4
Page 5
Balance Sheet
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 473,843 346,711
473,843 346,711
CURRENT ASSETS
Stocks 5 486,675 587,600
Debtors 6 205,821 106,389
Cash at bank and in hand 451,843 301,028
1,144,339 995,017
Creditors: Amounts Falling Due Within One Year 7 (512,872 ) (226,774 )
NET CURRENT ASSETS (LIABILITIES) 631,467 768,243
TOTAL ASSETS LESS CURRENT LIABILITIES 1,105,310 1,114,954
Creditors: Amounts Falling Due After More Than One Year 8 (29,589 ) (65,900 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (38,644 ) (38,644 )
NET ASSETS 1,037,077 1,010,410
CAPITAL AND RESERVES
Called up share capital 10 330 330
Profit and Loss Account 1,036,747 1,010,080
SHAREHOLDERS' FUNDS 1,037,077 1,010,410
Page 5
Page 6
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
Mr William Lombard
Director
05/08/2024
The notes on pages 8 to 10 form part of these financial statements.
Page 6
Page 7
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 March 2022 330 969,555 969,885
Profit for the year and total comprehensive income - 154,350 154,350
Dividends paid - (113,825) (113,825)
As at 28 February 2023 and 1 March 2023 330 1,010,080 1,010,410
Profit for the year and total comprehensive income - 142,310 142,310
Dividends paid - (115,643) (115,643)
As at 29 February 2024 330 1,036,747 1,037,077
Page 7
Page 8
Notes to the Financial Statements
1. General Information
Fernhill Farms Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07055923 . The registered office is 4 - 6 The Wharf Centre, Wharf Street, Warwick, Warwickshire, CV34 5LB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 10% reducing balance
Leasehold 10% reducing balance
Plant & Machinery 10% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 15% reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Page 8
Page 9
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 March 2023 22,000 165,246 318,032 2,508 507,786
Additions - 174,700 - - 174,700
Disposals - (19,000 ) - - (19,000 )
As at 29 February 2024 22,000 320,946 318,032 2,508 663,486
Depreciation
As at 1 March 2023 15,982 65,697 77,964 1,432 161,075
Provided during the period 602 10,513 27,258 107 38,480
Disposals - (9,912 ) - - (9,912 )
As at 29 February 2024 16,584 66,298 105,222 1,539 189,643
Net Book Value
As at 29 February 2024 5,416 254,648 212,810 969 473,843
As at 1 March 2023 6,018 99,549 240,068 1,076 346,711
5. Stocks
2024 2023
£ £
Stock 486,675 587,600
Page 9
Page 10
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 181,656 93,202
VAT 24,165 13,187
205,821 106,389
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 22,180 43,249
Trade creditors 34,801 49,004
Bank loans and overdrafts 7,116 6,060
Corporation tax 3,627 25,512
Other creditors 3,980 3,980
Directors Loan Account 2 45,923 17,202
Accruals and deferred income 348,724 81,757
Directors' loan accounts 46,521 10
512,872 226,774
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 29,107
Bank loans 29,589 36,793
29,589 65,900
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 22,180 43,249
Later than one year and not later than five years - 29,107
22,180 72,356
22,180 72,356
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 330 330
Page 10