1 April 2023 v2024.39.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP005779192023-04-012024-03-31005779192024-03-31005779192023-03-3100577919core:WithinOneYear2024-03-3100577919core:WithinOneYear2023-03-3100577919core:ShareCapital2024-03-3100577919core:ShareCapital2023-03-3100577919core:RevaluationReserve2024-03-3100577919core:RevaluationReserve2023-03-3100577919core:RetainedEarningsAccumulatedLosses2024-03-3100577919core:RetainedEarningsAccumulatedLosses2023-03-3100577919bus:Director12023-04-012024-03-3100577919bus:RegisteredOffice2023-04-012024-03-3100577919core:LandBuildings2023-04-012024-03-31005779192022-04-012023-03-3100577919core:LandBuildings2024-03-3100577919core:LandBuildings2023-04-0100577919core:LandBuildings2023-03-3100577919core:CostValuation2023-04-0100577919core:CostValuation2024-03-310057791912023-04-012024-03-3100577919countries:EnglandWales2023-04-012024-03-3100577919bus:AuditExemptWithAccountantsReport2023-04-012024-03-3100577919bus:PrivateLimitedCompanyLtd2023-04-012024-03-3100577919bus:SmallEntities2023-04-012024-03-3100577919bus:FullAccounts2023-04-012024-03-31
Company registration number:
00577919
North Farm Estates Limited
Unaudited Filleted Financial Statements for the year ended
31 March 2024
North Farm Estates Limited
Report to the board of directors on the preparation of the unaudited statutory financial statements of North Farm Estates Limited
Year ended
31 March 2024
As described on the statement of financial position, the Board of Directors of
North Farm Estates Limited
are responsible for the preparation of the
financial statements
for the year ended
31 March 2024
, which comprise the income statement, statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to me.
Gina Bartlett t/a Bartlett Accounting Services
2 Wigmore Road
Tadley
Hampshire
RG26 4HH
United Kingdom
Date:
22 August 2024
North Farm Estates Limited
Statement of Financial Position
31 March 2024
20242023
Note££
Fixed assets    
Tangible assets 5
3,036,651
 
3,068,366
 
Investments 6
20,000
 
20,000
 
3,056,651
 
3,088,366
 
Current assets    
Debtors 7
1,360,686
 
1,699,705
 
Cash at bank and in hand
334
 
175
 
1,361,020
 
1,699,880
 
Creditors: amounts falling due within one year 8
(2,403
)
(3,878
)
Net current assets
1,358,617
 
1,696,002
 
Total assets less current liabilities 4,415,268   4,784,368  
Capital and reserves    
Called up share capital
3,000
 
3,000
 
Revaluation reserve
2,817,797
 
2,817,797
 
Profit and loss account
1,594,499
 
1,963,571
 
Shareholders funds
4,415,296
 
4,784,368
 
For the year ending
31 March 2024
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
  • The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
  • The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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.
These
financial statements
were approved by the board of directors and authorised for issue on
22 August 2024
, and are signed on behalf of the board by:
Miss Grace Muir
Director
Company registration number:
00577919
North Farm Estates Limited
Notes to the Financial Statements
Year ended
31 March 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
North Farm Estates
,
North Fawley
,
Wantage
,
Oxfordshire
,
OX12 9NJ
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Consolidation

The entity has taken advantage of the option not to prepare consolidated
financial statements
contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the period. However, the nature of estimates means the actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates have had the most significant effect on amounts recognised in the financial statements:
Revenue recognition
The key judgements made by management in respect of revenue is the pint at which that revenue should be recognised. management consider the underlying contract terms and conclude upon the most appropriate pointy of the cycle at which to recognise revenue based upon these terms and in particular where the risks and rewards of ownership transfer.
Tangible fixed assets
Tangible fixed assets are depreciated over their useful lives taking into accounts residual values, where appropriate. The actual useful lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as the remaining life of the assets and the projected disposal value.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Land and buildings
2% Straight line

Fixed asset investments

Investments in subsidiaries, associates and joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in subsidiaries, associates and joint ventures accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income or profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Taxation

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

4 Average number of employees

The average number of persons employed by the company during the year was
1
(2023:
1.00
).

5 Tangible assets

Land and buildings
£
Cost  
At
1 April 2023
and
31 March 2024
3,309,553
 
Depreciation  
At
1 April 2023
241,187
 
Charge
31,715
 
At
31 March 2024
272,902
 
Carrying amount  
At
31 March 2024
3,036,651
 
At 31 March 2023
3,068,366
 

6 Investments

Shares in group undertakings and participating interests
£
Cost  
At
1 April 2023
20,000
 
At
31 March 2024
20,000
 
Impairment  
At
1 April 2023
and
31 March 2024
-  
Carrying amount  
At
31 March 2024
20,000
 
At 31 March 2023
20,000
 

7 Debtors

20242023
££
Trade debtors
2,176
  -  
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,358,510
 
1,699,705
 
1,360,686
 
1,699,705
 

8 Creditors: amounts falling due within one year

20242023
££
Trade creditors -  
784
 
Taxation and social security
1,253
 
1,944
 
Other creditors
1,150
 
1,150
 
2,403
 
3,878