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REGISTERED NUMBER: 07495331 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

N K Farming Limited

N K Farming Limited (Registered number: 07495331)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


N K Farming Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: N K Legg





REGISTERED OFFICE: Suite 1 & 2
Marshall Business Centre
Fararday Road
Hereford
HR4 9NS





REGISTERED NUMBER: 07495331 (England and Wales)





ACCOUNTANTS: R J Francis & Co
Suites 1 & 2
Marshall Business Centre
Faraday Road
Hereford
Herefordshire
HR4 9NS

N K Farming Limited (Registered number: 07495331)

Balance Sheet
31 March 2024

2024 2023
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 18,208
Tangible assets 5 132,021 126,844
132,021 145,052

CURRENT ASSETS
Stocks 49,400 51,100
Debtors 6 252,153 316,803
Cash at bank 762 36,209
302,315 404,112
CREDITORS
Amounts falling due within one year 7 82,131 223,741
NET CURRENT ASSETS 220,184 180,371
TOTAL ASSETS LESS CURRENT LIABILITIES 352,205 325,423

CREDITORS
Amounts falling due after more than one
year

8

(24,988

)

-

PROVISIONS FOR LIABILITIES (25,084 ) (24,100 )
NET ASSETS 302,133 301,323

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 302,131 301,321
302,133 301,323

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

N K Farming Limited (Registered number: 07495331)

Balance Sheet - continued
31 March 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 16 August 2024 and were signed by:





N K Legg - Director


N K Farming Limited (Registered number: 07495331)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

N K Farming Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of the business in 2011, was being amortised evenly over its useful life. Following the relocation of the farming business, the directors considered the purchased goodwill to have a £Nil value.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

N K Farming Limited (Registered number: 07495331)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023 115,000
Impairments (115,000 )
At 31 March 2024 -
AMORTISATION
At 1 April 2023 96,792
Amortisation for year 2,875
Impairments (99,667 )
At 31 March 2024 -
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 18,208

5. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2023 441,143 19,990 461,133
Additions 23,742 - 23,742
Disposals (161,034 ) - (161,034 )
At 31 March 2024 303,851 19,990 323,841
DEPRECIATION
At 1 April 2023 329,291 4,998 334,289
Charge for year 21,314 3,748 25,062
Eliminated on disposal (167,531 ) - (167,531 )
At 31 March 2024 183,074 8,746 191,820
NET BOOK VALUE
At 31 March 2024 120,777 11,244 132,021
At 31 March 2023 111,852 14,992 126,844

N K Farming Limited (Registered number: 07495331)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Trade debtors 20,487 46,803
Other debtors 231,666 270,000
252,153 316,803

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Bank loans and overdrafts 29,873 47,007
Hire purchase contracts 21,416 14,570
Trade creditors 1,949 93,558
Taxation and social security 21,755 19,497
Other creditors 7,138 49,109
82,131 223,741

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
as restated
£    £   
Bank loans 16,880 -
Hire purchase contracts 8,108 -
24,988 -

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
as restated
£    £   
N K Legg
Balance outstanding at start of year (34,583 ) (113,930 )
Amounts advanced 279,524 79,347
Amounts repaid (22,303 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 222,638 (34,583 )

Interest is charged on any overdrawn loan account balance at the official rate.

10. RELATED PARTY DISCLOSURES

During the year, the company entered into transactions with the director and made sales totalling £17,200.