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REGISTRAR OF COMPANIES

Registration number: 04990907

A & R Giles Farming Limited

Unaudited Financial Statements

31 March 2024

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A & R Giles Farming Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
A & R Giles Farming Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of A & R Giles Farming Limited for the year ended 31 March 2024 as set out on pages 2 to 11 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 A & R Giles Farming Limited, as a body, in accordance with the terms of our engagement letter dated 5 July 2021. Our work has been undertaken solely to prepare for your approval the accounts of A & R Giles Farming Limited and state those matters that we have agreed to state to the Board of Directors of A & R Giles Farming 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 A & R Giles Farming Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that A & R Giles Farming 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 profit of A & R Giles Farming Limited. You consider that A & R Giles Farming 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 A & R Giles Farming 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

20 August 2024

 

A & R Giles Farming Limited

(Registration number: 04990907)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

447,413

1,163,155

Other financial assets

6

139,930

130,442

 

587,343

1,293,597

Current assets

 

Stocks

508,093

531,048

Debtors

7

305,678

314,983

Cash at bank and in hand

 

796,999

1,667,671

 

1,610,770

2,513,702

Creditors: Amounts falling due within one year

8

(293,423)

(444,336)

Net current assets

 

1,317,347

2,069,366

Total assets less current liabilities

 

1,904,690

3,362,963

Creditors: Amounts falling due after more than one year

8

(15,121)

-

Provisions for liabilities

(95,062)

(100,764)

Net assets

 

1,794,507

3,262,199

Capital and reserves

 

Allotted, called up and fully paid share capital

50

100

Capital redemption reserve

50

-

Profit and loss account

1,794,407

3,262,099

Total equity

 

1,794,507

3,262,199

 

A & R Giles Farming Limited

(Registration number: 04990907)
Balance Sheet as at 31 March 2024 (continued)

For the financial 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 20 August 2024
 

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

A S Giles

Director

 

A & R Giles Farming Limited

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

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:
Green Oak
Ffynnon Gynydd
HEREFORD
HR3 5LX

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.

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.


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.

 

A & R Giles Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

Tax

The tax expense for the period comprises current and 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.

The current income 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.

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

Not depreciated

Buildings

4% straight line

Plant and equipment

15% and 5% reducing balance

Motor vehicles

25% reducing balance

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.

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.

 

A & R Giles Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

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.

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.

 

A & R Giles Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

Financial instruments

Classification
Equity shares and debt securities
 Recognition and measurement
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 Impairment
For instruments measured at cost less impairment the impairment is the difference between the assets' carrying amount and the best estimate the entity would receive for the asset if it were sold at the reporting date.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2023 - 5).

 

A & R Giles Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Intangible assets

Basic payment scheme
 £

Total
£

Cost or valuation

At 1 April 2023

28,339

28,339

At 31 March 2024

28,339

28,339

Amortisation

At 1 April 2023

28,339

28,339

At 31 March 2024

28,339

28,339

Carrying amount

At 31 March 2024

-

-

At 31 March 2023

-

-

5

Tangible assets

Land and buildings
£

Plant and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

749,200

956,524

28,145

1,733,869

Additions

-

72,559

36,188

108,747

Disposals

(707,357)

(49,575)

-

(756,932)

At 31 March 2024

41,843

979,508

64,333

1,085,684

Depreciation

At 1 April 2023

1,674

559,704

9,336

570,714

Charge for the year

1,674

54,395

11,488

67,557

At 31 March 2024

3,348

614,099

20,824

638,271

Carrying amount

At 31 March 2024

38,495

365,409

43,509

447,413

At 31 March 2023

747,526

396,820

18,809

1,163,155

 

A & R Giles Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

6

Other financial assets (current and non-current)

2024
£

2023
£

Non-current financial assets

Financial assets at cost less impairment

139,930

130,442

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2023

130,442

130,442

Additions

9,488

9,488

At 31 March 2024

139,930

139,930

Carrying amount

At 31 March 2024

139,930

139,930

At 31 March 2023

130,442

130,442

7

Debtors

2024
£

2023
£

Trade debtors

101,957

83,203

Other debtors

203,721

231,780

305,678

314,983

 

A & R Giles Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

39,127

63,529

Trade creditors

 

107,568

264,397

Taxation and social security

 

9,167

3,279

Corporation tax liability

 

128,569

109,012

Other creditors

 

8,992

4,119

 

293,423

444,336

Due after one year

 

Other creditors

 

15,121

-

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Other borrowings

39,127

63,529

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £470,000 (2023 - £510,000).

 

A & R Giles Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

11

Related party transactions

Transactions with the director

2023

At 1 April 2022
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 March 2023
£

A S Giles

Loan

45,349

28,317

(8,842)

-

(65,480)

656

-

               
         

R M Giles

Loan

9,328

28,033

(8,842)

-

(28,766)

247

-

               
         

 

Directors' advances are repayable on demand.

Interest has been charged at a rate of 2% on advances to directors.