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Henson Farming Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 December 2023

Registration number: 06209261

 

Henson Farming Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Henson Farming Limited

Company Information

Directors

Mr P H Payne

Mrs C L Payne

Company secretary

Mrs C L Payne

Registered office

Old Sarum Farm
Ford Road
Salisbury
Wiltshire
SP1 3RZ

Accountants

Francis Clark LLP
Hitchcock House
Hilltop Park
Devizes Road
Salisbury
Wiltshire
SP3 4UF

 

Henson Farming Limited

Balance Sheet

31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

576,033

352,418

Current assets

 

Stocks

6

357,814

287,539

Debtors

7

585,959

306,132

Cash at bank and in hand

 

180,906

525,961

 

1,124,679

1,119,632

Creditors: Amounts falling due within one year

8

(332,870)

(349,663)

Net current assets

 

791,809

769,969

Total assets less current liabilities

 

1,367,842

1,122,387

Provisions for liabilities

(16,208)

(17,746)

Net assets

 

1,351,634

1,104,641

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

1,351,534

1,104,541

Shareholders' funds

 

1,351,634

1,104,641

 

Henson Farming Limited

Balance Sheet

31 December 2023

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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 1 August 2024 and signed on its behalf by:
 

.........................................
Mr P H Payne
Director

Company Registration Number: 06209261

 

Henson Farming Limited

Notes to the Unaudited Financial Statements

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:
Old Sarum Farm
Ford Road
Salisbury
Wiltshire
SP1 3RZ

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', including Section 1A, 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. Current trading conditions are challenging due to an over supply of pigs in the UK market, labour shortages and rising feed prices. As a consequence, the directors have decided that during 2024 they will change the method and the scale of their livestock business operations. The directors consider that the company has sufficient cash reserves to provide working capital for this change to their business for the foreseeable future and accordingly these 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.

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 corporation 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.

 

Henson Farming Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2023

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Freehold land

0%

Long leasehold land and buildings

4% per annum straight line

Properties under construction

Nil until asset brought into use

Plant and machinery

25% per annum reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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 stocks 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.

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.

 

Henson Farming Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2023

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Henson Farming Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2023

4

Taxation

Tax charged/(credited) in the profit and loss account

2023
 £

2022
 £

Current taxation

UK corporation tax

96,532

32,986

Deferred taxation

Arising from origination and reversal of timing differences

(1,538)

16,479

Tax expense in the income statement

94,994

49,465

Deferred tax

Deferred tax has been measured using a long-term corporation rate of 25%, as this was the last rate substantively enacted before the year end.

5

Tangible assets

Freehold land
£

Long leasehold land and buildings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

-

321,559

130,132

451,691

Additions

242,630

-

15,459

258,089

At 31 December 2023

242,630

321,559

145,591

709,780

Depreciation

At 1 January 2023

-

40,124

59,149

99,273

Charge for the year

-

12,862

21,612

34,474

At 31 December 2023

-

52,986

80,761

133,747

Carrying amount

At 31 December 2023

242,630

268,573

64,830

576,033

At 31 December 2022

-

281,435

70,983

352,418

Included within the net book value of land and buildings above is £242,630 (2022 - £Nil) in respect of freehold land and buildings and £268,573 (2022 - £281,435) in respect of long leasehold land and buildings.
 

 

Henson Farming Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2023

6

Stocks

2023
£

2022
£

Raw materials and consumables

18,250

12,840

Other inventories

339,564

274,699

357,814

287,539

7

Debtors

2023
£

2022
£

Trade debtors

142,406

65,383

Prepayments

130,000

60,000

Other debtors

313,553

180,749

585,959

306,132

Details of non-current trade and other debtors

£63,432 (2022 - £26,200) of taxation recoverable is classified as non current. Taxation payable on loans to participators is recoverable nine months after the end of the financial period in which the loan is repaid.

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

181,626

308,077

Corporation tax

133,764

32,986

Accruals and deferred income

17,480

8,600

332,870

349,663

 

Henson Farming Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2023

9

Related party transactions

Loans to related parties

 

Other related parties

2023
£

2022
£

At start of period

104,801

145,851

Advanced

175,000

59,000

Repaid

(50,684)

(100,050)

At end of period

229,117

104,801

Terms of loans to related parties

Interest-free and repayable on demand