Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-314% straight line 2.5% straight line4% straight line 15% reducing balance 4% straight lineThe tax expense for the year comprises current and deferred tax. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.204974200051The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-04-0112falseFarming12truetruefalse 00591983 2023-04-01 2024-03-31 00591983 2022-04-01 2023-03-31 00591983 2024-03-31 00591983 2023-03-31 00591983 c:CompanySecretary1 2023-04-01 2024-03-31 00591983 c:Director1 2023-04-01 2024-03-31 00591983 c:Director2 2023-04-01 2024-03-31 00591983 c:Director3 2023-04-01 2024-03-31 00591983 c:Director4 2023-04-01 2024-03-31 00591983 c:Director5 2023-04-01 2024-03-31 00591983 c:RegisteredOffice 2023-04-01 2024-03-31 00591983 d:Buildings 2023-04-01 2024-03-31 00591983 d:Buildings 2024-03-31 00591983 d:Buildings 2023-03-31 00591983 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00591983 d:Buildings d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 00591983 d:PlantMachinery 2023-04-01 2024-03-31 00591983 d:PlantMachinery 2024-03-31 00591983 d:PlantMachinery 2023-03-31 00591983 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00591983 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 00591983 d:MotorVehicles 2023-04-01 2024-03-31 00591983 d:MotorVehicles 2024-03-31 00591983 d:MotorVehicles 2023-03-31 00591983 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00591983 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 00591983 d:FurnitureFittings 2023-04-01 2024-03-31 00591983 d:FurnitureFittings 2024-03-31 00591983 d:FurnitureFittings 2023-03-31 00591983 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00591983 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 00591983 d:OfficeEquipment 2023-04-01 2024-03-31 00591983 d:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 00591983 d:OtherPropertyPlantEquipment 2024-03-31 00591983 d:OtherPropertyPlantEquipment 2023-03-31 00591983 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00591983 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 00591983 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00591983 d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 00591983 d:CurrentFinancialInstruments 2024-03-31 00591983 d:CurrentFinancialInstruments 2023-03-31 00591983 d:Non-currentFinancialInstruments 2024-03-31 00591983 d:Non-currentFinancialInstruments 2023-03-31 00591983 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 00591983 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 00591983 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 00591983 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 00591983 d:ShareCapital 2024-03-31 00591983 d:ShareCapital 2023-03-31 00591983 d:CapitalRedemptionReserve 2024-03-31 00591983 d:CapitalRedemptionReserve 2023-03-31 00591983 d:RetainedEarningsAccumulatedLosses 2024-03-31 00591983 d:RetainedEarningsAccumulatedLosses 2023-03-31 00591983 c:OrdinaryShareClass2 2023-04-01 2024-03-31 00591983 c:OrdinaryShareClass2 2024-03-31 00591983 c:OrdinaryShareClass3 2023-04-01 2024-03-31 00591983 c:OrdinaryShareClass3 2024-03-31 00591983 c:OrdinaryShareClass4 2023-04-01 2024-03-31 00591983 c:OrdinaryShareClass4 2024-03-31 00591983 c:OrdinaryShareClass5 2023-04-01 2024-03-31 00591983 c:OrdinaryShareClass5 2024-03-31 00591983 c:FRS102 2023-04-01 2024-03-31 00591983 c:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 00591983 c:FullAccounts 2023-04-01 2024-03-31 00591983 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 00591983 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-04-01 2024-03-31 00591983 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-04-01 2023-03-31 00591983 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-03-31 00591983 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-03-31 00591983 2 2023-04-01 2024-03-31 00591983 6 2023-04-01 2024-03-31 00591983 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 00591983










NEWCOME-BAKER FARMS LTD








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
NEWCOME-BAKER FARMS LTD
 
 
COMPANY INFORMATION


Directors
W G N Barber 
Mrs L K Barber 
Miss M R Barber 
Mrs A L Benson 
C A Whitaker 




Company secretary
C A Whitaker



Registered number
00591983



Registered office
Wethered Manor
Sedgeford

Hunstanton

Norfolk

PE36 5LR




Accountants
MA Partners LLP
Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ





 
NEWCOME-BAKER FARMS LTD
 

CONTENTS



Page
Accountants' Report
 
 
1
Balance Sheet
 
 
2 - 3
Notes to the Financial Statements
 
 
4 - 12


 
NEWCOME-BAKER FARMS LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF NEWCOME-BAKER FARMS LTD
FOR THE YEAR ENDED 31 MARCH 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Newcome-Baker Farms Ltd for the year ended 31 March 2024 which comprise  the Balance Sheet and the related notes 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 https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Newcome-Baker Farms Ltd, as a body, in accordance with the terms of our engagement letter dated 5 July 2023Our work has been undertaken solely to prepare for your approval the financial statements of Newcome-Baker Farms Ltd and state those matters that we have agreed to state to the Board of Directors of Newcome-Baker Farms Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Newcome-Baker Farms Ltd and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Newcome-Baker Farms Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Newcome-Baker Farms Ltd. You consider that Newcome-Baker Farms Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Newcome-Baker 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 statutory financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
 
30 July 2024
Page 1

 
NEWCOME-BAKER FARMS LTD
REGISTERED NUMBER: 00591983

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2024
2023
2023
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
10,195,565
9,811,203

Investments
 5 
30,107
30,107

  
10,225,672
9,841,310

Current assets
  

Stocks
  
881,292
1,029,994

Debtors: amounts falling due within one year
 6 
453,103
436,368

Cash at bank and in hand
  
887,462
616,888

  
2,221,857
2,083,250

Creditors: amounts falling due within one year
 7 
(908,126)
(1,025,070)

Net current assets
  
 
 
1,313,731
 
 
1,058,180

Total assets less current liabilities
  
11,539,403
10,899,490

Creditors: amounts falling due after more than one year
 8 
(6,116,156)
(6,144,918)

Provisions for liabilities
  

Deferred tax
  
(730,383)
(602,315)

Net assets
  
4,692,864
4,152,257


Capital and reserves
  

Called up share capital 
 9 
81,540
81,540

Capital redemption reserve
  
13,046
13,046

Profit and loss account
  
4,598,278
4,057,671

  
4,692,864
4,152,257


Page 2

 
NEWCOME-BAKER FARMS LTD
REGISTERED NUMBER: 00591983
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 July 2024.




W G N Barber
Director

The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
NEWCOME-BAKER FARMS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Newcome-Baker Farms Limited is a private company, limited by shares, incorporated and domiciled in England and Wales. The registered office address and principal place of business of the Company is Wethered Manor, Sedgeford, Hunstanton, Norfolk, PE36 5LR.
The Company's principal activity is that of farming.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover comprises revenue recognised by the company in respect of crops and livestock sold, work done, rents and arable subsidies receivable, exclusive of Value Added Tax.

Revenue is recognised in the following manner:

Crops and livestock sold - on physical delivery to the customer;
Work done - on completion of engagement;
Rent receveivable - amounts receivable in the year; and
Subsidy income - in the year when the qualifying conditions entitling payment are met.

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and Loss Account in the same period as the related expenditure.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
NEWCOME-BAKER FARMS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on both a straight line and reducing balance method.

Depreciation is provided on the following basis:

Property & improvements
-
4% straight line
Poultry and biomass buildings
-
2.5% straight line
Poultry plant and equipment
-
4% straight line
Plant and equipment
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Tractors
-
15% reducing balance
Office equipment
-
25% straight line
Solar panels
-
4% straight line
Fixtures & fittings
-
10% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Page 5

 
NEWCOME-BAKER FARMS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Stocks

Stocks and closing valuation for cultivations (work in progress) are valued at the lower of cost and net realisable value. Costs have been determined from cost of production calculations.
Net realisable value represents estimated selling price for produce in store with values reduced in accordance with guidance within H M Revenue & Customs help sheet HS232: farm stock valuation. Consumable stocks are valued at cost.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


 
Page 6

 
NEWCOME-BAKER FARMS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.13
Financial instruments (continued)

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
 
Page 7

 
NEWCOME-BAKER FARMS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.13
Financial instruments (continued)


Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities.
Other financial instruments
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.14

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 8

 
NEWCOME-BAKER FARMS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2023 - 12).


4.


Tangible fixed assets





Land & property
Plant & machinery
Motor vehicles
Tractors & harvesters
Fixtures & fittings
Total

£
£
£
£
£
£



Cost or valuation


At 1 April 2023
7,182,181
4,223,637
68,500
993,611
55,334
12,523,263


Additions
-
50,467
55,776
774,370
-
880,613


Disposals
-
(128,839)
(4,500)
(450,440)
-
(583,779)



At 31 March 2024

7,182,181
4,145,265
119,776
1,317,541
55,334
12,820,097



Depreciation


At 1 April 2023
606,313
1,333,569
50,617
684,048
37,514
2,712,061


Charge for the year on owned assets
86,827
220,805
18,400
39,826
1,782
367,640


Charge for the year on financed assets
-
-
-
72,156
-
72,156


Disposals
-
(116,497)
(4,440)
(406,388)
-
(527,325)



At 31 March 2024

693,140
1,437,877
64,577
389,642
39,296
2,624,532



Net book value



At 31 March 2024
6,489,041
2,707,388
55,199
927,899
16,038
10,195,565



At 31 March 2023
6,575,868
2,890,069
17,883
309,563
17,820
9,811,203

Page 9

 
NEWCOME-BAKER FARMS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Fixed asset investments





Unlisted investments

£



Cost


At 1 April 2023 and 31 March 2024
30,107





 


6.


Debtors

2024
2023
£
£


Trade debtors
196,003
169,963

Other debtors
161,606
201,520

Prepayments and accrued income
95,494
64,885

453,103
436,368



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
292,207
281,702

Trade creditors
270,177
378,312

Other taxation and social security
137,339
228,547

Obligations under finance lease and hire purchase contracts
125,294
56,032

Other creditors
50,000
-

Accruals and deferred income
33,109
80,477

908,126
1,025,070


The bank loans are secured by a legal charge over land and buildings owned by the Company.
Obligations under finance lease and hire purchase contracts are secured on the assets financed.

Page 10

 
NEWCOME-BAKER FARMS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
5,820,793
6,115,422

Net obligations under finance leases and hire purchase contracts
262,191
-

Accruals and deferred income
33,172
29,496

6,116,156
6,144,918


The bank loans are secured by a legal charge over land and buildings owned by the Company.
Obligations under finance lease and hire purchase contracts are secured on the assets financed.

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2024
2023
£
£


Repayable by instalments
4,635,707
4,924,997

Released to profit and loss account in instalments
19,388
15,397

4,655,095
4,940,394




9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



20,373 A ordinary shares of £1 each
20,373
20,373
52,973 B ordinary shares of £1 each
52,973
52,973
8,154  C ordinary shares of £1 each
8,154
8,154
20 D ordinary shares of £1 each
20
20
20 E ordinary shares of £1 each
20
20

81,540

81,540


Page 11

 
NEWCOME-BAKER FARMS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Transactions with directors

During the year, the Company made advances to the directors of £235,013 (2023 - £228,270).  Amounts repaid by the directors during the year totalled £202,758 (2023 - £198,258).
As at 31 March 2024 the Company was owed 
£127,853 (2023 - £93,382) by the directors.  These balances are included within other debtors in note 6 to the financial statements and are repayable on demand.
Interest is charged on the overdrawn balances at HMRC's official rate of interest of 2.25% and amounted to 
£2,216 (2023 - £1,793) for the year.

Page 12