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REGISTERED NUMBER: 03199614 (England and Wales)
















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Three Prospects Farm Limited

Three Prospects Farm Limited (Registered number: 03199614)






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




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Three Prospects Farm Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mr P N Wilkinson
Mrs H S Wilkinson





SECRETARY: Mrs H S Wilkinson





REGISTERED OFFICE: Brick House Farm
Ongar Road
Margaret Roding
Essex
CM6 1QR





REGISTERED NUMBER: 03199614 (England and Wales)





ACCOUNTANTS: Hardcastle Burton LLP
Lake House
Market Hill
Royston
Hertfordshire
SG8 9JN

Three Prospects Farm Limited (Registered number: 03199614)

Abridged Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 42,580 42,580
Tangible assets 5 1,209,639 1,230,551
Investments 6 118,343 -
Investment property 7 1,750,000 1,750,000
3,120,562 3,023,131

CURRENT ASSETS
Stocks 71,107 143,827
Debtors 260,104 217,728
Cash at bank 453,768 461,999
784,979 823,554
CREDITORS
Amounts falling due within one year 135,452 202,233
NET CURRENT ASSETS 649,527 621,321
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,770,089

3,644,452

PROVISIONS FOR LIABILITIES 8 15,898 15,652
NET ASSETS 3,754,191 3,628,800

CAPITAL AND RESERVES
Called up share 9 1,550,000 1,550,000
Undistributable reserve 641,683 641,683
Retained earnings 1,562,508 1,437,117
SHAREHOLDERS' FUNDS 3,754,191 3,628,800

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 directors acknowledge their 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.

Three Prospects Farm Limited (Registered number: 03199614)

Abridged 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 12 August 2024 and were signed on its behalf by:




Mr P N Wilkinson - Director



Mrs H S Wilkinson - Director


Three Prospects Farm Limited (Registered number: 03199614)

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

1. STATUTORY INFORMATION

Three Prospects Farm 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 as modified by the revaluation of certain assets.

Turnover
Turnover represents net income from arable sales and farming subsidies, excluding VAT.

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.

Licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold propertynil
Improvements to property2% straight line
Plant & machinery20% reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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

Cost includes all direct costs and an appropriate proportion if fixed and variable overheads.

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.


Three Prospects Farm Limited (Registered number: 03199614)

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

2. ACCOUNTING POLICIES - continued
Deferred taxation
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2023
and 31 March 2024 42,580
NET BOOK VALUE

At 31 March 2024 42,580
At 31 March 2023 42,580

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2023 1,434,644
Additions 1,499
At 31 March 2024 1,436,143
DEPRECIATION
At 1 April 2023 204,093
Charge for year 22,411
At 31 March 2024 226,504
NET BOOK VALUE
At 31 March 2024 1,209,639
At 31 March 2023 1,230,551

The directors have considered the value of the Freehold Property at the balance sheet date, without revaluing it. The directors are satisfied that the value stated in the financial statements reflects the market value of the property at the balance sheet date.

Three Prospects Farm Limited (Registered number: 03199614)

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

6. FIXED ASSET INVESTMENTS

Unlisted investments includes £118,343 with regards to Long Chim, a company incorporated in England and Wales. The directors have considered the value of the assets without actually revaluing them, and are satisfied the value as stated in the financial statements reflects the market value of the assets.

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 1,750,000
NET BOOK VALUE
At 31 March 2024 1,750,000
At 31 March 2023 1,750,000

Investment property has been revalued to £1,750,000 during the year by the directors at what they believe the market value to be.

8. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax 15,898 15,652

Deferred
tax
£   
Balance at 1 April 2023 15,652
Provided during year 246
Balance at 31 March 2024 15,898

9. CALLED UP SHARE

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
500,000 Ordinary £1.00 1,550,000 1,550,000