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Company No: 05559089 (England and Wales)

FOXCOMBE FARM (SOMERSET) LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

FOXCOMBE FARM (SOMERSET) LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

FOXCOMBE FARM (SOMERSET) LIMITED

COMPANY INFORMATION

For the financial year ended 30 November 2023
FOXCOMBE FARM (SOMERSET) LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 November 2023
DIRECTOR Mr J M Angell
SECRETARY Mrs T Angell
REGISTERED OFFICE Thorne Farm
Devon
United Kingdom
COMPANY NUMBER 05559089 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Blackbrook Gate 1
Blackbrook Business Park
Taunton
Somerset TA1 2PX
FOXCOMBE FARM (SOMERSET) LIMITED

BALANCE SHEET

As at 30 November 2023
FOXCOMBE FARM (SOMERSET) LIMITED

BALANCE SHEET (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 4,458,746 4,441,993
4,458,746 4,441,993
Current assets
Stocks 5 134,306 75,165
Debtors 6 167,273 220,000
Cash at bank and in hand 23 23
301,602 295,188
Creditors: amounts falling due within one year 7 ( 664,907) ( 583,659)
Net current liabilities (363,305) (288,471)
Total assets less current liabilities 4,095,441 4,153,522
Creditors: amounts falling due after more than one year 8 ( 1,738,429) ( 1,811,691)
Provision for liabilities ( 515,631) ( 513,857)
Net assets 1,841,381 1,827,974
Capital and reserves
Called-up share capital 100 100
Profit and loss account 1,841,281 1,827,874
Total shareholders' funds 1,841,381 1,827,974

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.

Director's responsibilities:

The financial statements of Foxcombe Farm (Somerset) Limited (registered number: 05559089) were approved and authorised for issue by the Director on 29 August 2024. They were signed on its behalf by:

Mr J M Angell
Director
FOXCOMBE FARM (SOMERSET) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
FOXCOMBE FARM (SOMERSET) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
1. Accounting policies

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.

General information and basis of accounting

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.

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.

Turnover

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

Taxation

Current 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 corporation 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
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed 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.

Land and buildings 50 years straight line
Biological assets 10 years straight line
Plant and machinery 12.5 % reducing balance
Vehicles 20 % reducing balance
Leases

The Company as lessee
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Financial instruments

The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 4 4

3. Intangible assets

Entitlements Total
£ £
Cost
At 01 December 2022 47,924 47,924
At 30 November 2023 47,924 47,924
Accumulated amortisation
At 01 December 2022 47,924 47,924
At 30 November 2023 47,924 47,924
Net book value
At 30 November 2023 0 0
At 30 November 2022 0 0

4. Tangible assets

Land and buildings Biological assets Plant and machinery Vehicles Total
£ £ £ £ £
Cost
At 01 December 2022 3,406,224 557,392 849,654 197,800 5,011,070
Additions 0 177,570 79,995 34,500 292,065
Disposals 0 ( 173,448) ( 47,000) 0 ( 220,448)
Transfers 0 20,000 0 0 20,000
At 30 November 2023 3,406,224 581,514 882,649 232,300 5,102,687
Accumulated depreciation
At 01 December 2022 780 55,709 449,107 63,481 569,077
Charge for the financial year 397 36,201 50,344 31,464 118,406
Disposals 0 ( 22,223) ( 21,319) 0 ( 43,542)
At 30 November 2023 1,177 69,687 478,132 94,945 643,941
Net book value
At 30 November 2023 3,405,047 511,827 404,517 137,355 4,458,746
At 30 November 2022 3,405,444 501,683 400,547 134,319 4,441,993

5. Stocks

2023 2022
£ £
Stocks 134,306 75,165

6. Debtors

2023 2022
£ £
Trade debtors 131,522 183,722
Prepayments 16,720 17,480
VAT recoverable 19,031 18,798
167,273 220,000

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 190,826 135,152
Trade creditors 272,886 235,556
Corporation tax 26,013 22,105
Obligations under finance leases and hire purchase contracts 53,753 61,447
Other creditors 121,429 129,399
664,907 583,659

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 1,707,243 1,752,454
Obligations under finance leases and hire purchase contracts 27,186 55,237
Other creditors 4,000 4,000
1,738,429 1,811,691

The carrying amount at year end is £1,765,497 (2022 - £1,800,770).
The bank loans and borrowings are secured by way of fixed and floating charge against all assets of the company.

The carrying amount of Hire purchase contracts at year end is £80,939 (2022 - £116,684 ).
The amounts held under hire purchase contracts are secured against the assets to which they relate.