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REGISTRAR OF COMPANIES

Registration number: 01269154

Crow Hall Farms Limited

Unaudited Financial Statements

30 November 2023

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Crow Hall Farms Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Crow Hall Farms Limited
for the Year Ended 30 November 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Crow Hall Farms Limited for the year ended 30 November 2023 as set out on pages 2 to 10 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 http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Crow Hall Farms Limited, as a body, in accordance with the terms of our engagement letter dated 13 May 2022. Our work has been undertaken solely to prepare for your approval the accounts of Crow Hall Farms Limited and state those matters that we have agreed to state to the Board of Directors of Crow Hall Farms Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Crow Hall Farms Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Crow Hall Farms Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Crow Hall Farms Limited. You consider that Crow Hall Farms Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Crow Hall Farms Limited. 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 accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

22 March 2024

 

Crow Hall Farms Limited

(Registration number: 01269154)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

1,954,069

1,903,055

Investment property

6

1,365,000

1,415,000

 

3,319,069

3,318,055

Current assets

 

Stocks

174,200

211,207

Debtors

7

185,035

111,652

Cash at bank and in hand

 

91,845

29,049

 

451,080

351,908

Creditors: Amounts falling due within one year

8

(650,552)

(539,505)

Net current liabilities

 

(199,472)

(187,597)

Total assets less current liabilities

 

3,119,597

3,130,458

Creditors: Amounts falling due after more than one year

8

(16,789)

-

Provisions for liabilities

(69,567)

(65,090)

Net assets

 

3,033,241

3,065,368

Capital and reserves

 

Allotted, called up and fully paid share capital

1,171,263

1,171,263

Share premium reserve

65,989

65,989

Non-distributable reserve

 

503,843

544,343

Profit and loss account

1,292,146

1,283,773

Total equity

 

3,033,241

3,065,368

 

Crow Hall Farms Limited

(Registration number: 01269154)
Balance Sheet as at 30 November 2023 (continued)

For the financial year ending 30 November 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 March 2024 and signed on its behalf by:
 

.........................................

M E Dickinson

Director

.........................................

M E Dickinson

Director

 

Crow Hall Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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:
Crow Hall
Bardon Mill
HEXHAM
NE47 7BJ

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' 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.

The company has net current liabilities at 30 November 2023 and meets its day to day working capital requirements through its bank overdraft facility which, in common with all such facilities, is repayable on demand. In addition the directors have provided financial support by way of short term loans. On the basis of this support, the directors consider it appropriate to prepare the financial statements on the going concern basis.

However, should the company not have the support of its bankers, and therefore be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and current liabilities.

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 sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Government grants

Government grants such as the basic payment scheme are included in the profit and loss account when all the necessary conditions for receipt have been met.

 

Crow Hall Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)


Other grants
Other grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets on a basis consistent with the depreciation policy.

Basic payment scheme

The amount paid in connection with the purchase of the basic payment scheme entitlement was amortised over the useful economic life of that entitlement, and has now been fully amortised.

Tax

The tax expense for the period comprises deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Land and buildings

4% reducing balance basis

Plant and equipment

15% reducing balance basis

Motor vehicles

25% reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Crow Hall Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Crow Hall Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

 

Crow Hall Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

4

Intangible assets

Basic payment scheme
 £

Total
£

Cost or valuation

At 1 December 2022

106,221

106,221

At 30 November 2023

106,221

106,221

Amortisation

At 1 December 2022

106,221

106,221

At 30 November 2023

106,221

106,221

Carrying amount

At 30 November 2023

-

-

At 30 November 2022

-

-

5

Tangible assets

Land and buildings
£

Plant and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

1,957,618

477,455

2,500

2,437,573

Additions

91,510

7,085

-

98,595

Disposals

-

(10,140)

-

(10,140)

At 30 November 2023

2,049,128

474,400

2,500

2,526,028

Depreciation

At 1 December 2022

275,348

258,649

521

534,518

Charge for the year

11,519

32,902

495

44,916

Eliminated on disposal

-

(7,475)

-

(7,475)

At 30 November 2023

286,867

284,076

1,016

571,959

Carrying amount

At 30 November 2023

1,762,261

190,324

1,484

1,954,069

At 30 November 2022

1,682,270

218,806

1,979

1,903,055

 

Crow Hall Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

6

Investment properties

£

At 1 December 2022

1,415,000

Fair value adjustments

(50,000)

At 30 November 2023

1,365,000

Investment property has been valued by an independent valuer at November 2022. The basis of the valuation is the open market value.

7

Debtors

2023
£

2022
£

Trade debtors

369

5,299

Other debtors

184,666

106,353

185,035

111,652

8

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

548,193

448,967

Trade creditors

 

8,724

31,070

Taxation and social security

 

959

781

Other creditors

 

92,676

58,687

 

650,552

539,505

Due after one year

 

Other creditors

 

16,789

-

 

Crow Hall Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

9

Reserves

A reconciliation of the opening and closing non-distributable reserve for the current year is as follows:

Non-distributable reserve
£

Brought forward

544,343

Transfer

(50,000)

Other movement

-

Deferred tax

9,500

Carried forward

503,843

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

-

121,395

Other borrowings

548,193

327,572

548,193

448,967

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Bank overdrafts

-

121,395

Bank overdrafts are secured by fixed and floating charges over the company's assets.