Company registration number 07866916 (England and Wales)
OAKS & PITTS FARM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
OAKS & PITTS FARM LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
OAKS & PITTS FARM LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,087,250
1,039,360
Investments
5
100
100
1,087,350
1,039,460
Current assets
Stocks
260,063
252,886
Debtors
6
76,364
167,607
Cash at bank and in hand
40
45
336,467
420,538
Creditors: amounts falling due within one year
7
(348,586)
(511,341)
Net current liabilities
(12,119)
(90,803)
Total assets less current liabilities
1,075,231
948,657
Creditors: amounts falling due after more than one year
8
(51,690)
(96,664)
Provisions for liabilities
9
(228,996)
(213,909)
Net assets
794,545
638,084
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
794,445
637,984
Total equity
794,545
638,084

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

OAKS & PITTS FARM LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 14 August 2024 and are signed on its behalf by:
Mr T A D Browne
Ms J R Browne
Director
Director
Company Registration No. 07866916
OAKS & PITTS FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Oaks & Pitts Farm Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Summit, Woodwater Park, Pynes Hill, Exeter, United Kingdom, EX2 5WS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for agricultural goods and renewable heat incentives net of VAT and trade discounts.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Leasehold
4% on cost
Plant and machinery
4% or 15% on written down value
Tractors and agricultural vehicles
20% on written down value
Motor vehicles
20% on cost
Biological assets
Zero for the first two years, 5% on cost thereafter

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Poultry stocks are valued at the lower of accumulated cost and net realisable value.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

OAKS & PITTS FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.6
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.7
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.8
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.9

Biological assets

Biological assets are recognised only when three recognition criteria have been fulfilled:

 

Biological assets comprise an apple orchard planted in 2017. The orchard became productive in summer/autumn 2019 and is being depreciated at 5% per annum on a straight line basis from September 2019.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
5
5
OAKS & PITTS FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Intangible fixed assets
Goodwill
University fees
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
10,000
9,500
19,500
Amortisation and impairment
At 1 January 2023 and 31 December 2023
10,000
9,500
19,500
Carrying amount
At 31 December 2023
-
0
-
0
-
0
At 31 December 2022
-
0
-
0
-
0
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Biological assets
Total
£
£
£
£
Cost
At 1 January 2023
142,894
1,557,950
76,581
1,777,425
Additions
4,695
206,573
-
0
211,268
Disposals
-
0
(14,500)
-
0
(14,500)
At 31 December 2023
147,589
1,750,023
76,581
1,974,193
Depreciation and impairment
At 1 January 2023
37,196
688,145
12,724
738,065
Depreciation charged in the year
5,769
147,839
3,831
157,439
Eliminated in respect of disposals
-
0
(8,561)
-
0
(8,561)
At 31 December 2023
42,965
827,423
16,555
886,943
Carrying amount
At 31 December 2023
104,624
922,600
60,026
1,087,250
At 31 December 2022
105,698
869,805
63,857
1,039,360
5
Fixed asset investments
2023
2022
£
£
Investments
100
100
OAKS & PITTS FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
30,256
80,337
Other debtors
46,108
87,270
76,364
167,607
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
71,527
128,130
Trade creditors
192,294
312,594
Taxation and social security
58,951
41,263
Other creditors
25,814
29,354
348,586
511,341

The bank overdraft is secured by a fixed and floating charge over the assets of the company.

 

Included in other creditors are net obligations under finance lease and hire purchase contracts £18,267 (2022: £22,356 ) which are secured by fixed charges on the assets concerned.

8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
51,690
78,397
Other creditors
-
0
18,267
51,690
96,664

The bank overdraft is secured by a fixed and floating charge over the assets of the company.

 

Included in other creditors are net obligations under finance lease and hire purchase contracts £NIL (2022: £18,267) which are secured by fixed charges on the assets concerned.

9
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
228,996
213,909
OAKS & PITTS FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Deferred taxation
(Continued)
- 7 -
2023
Movements in the year:
£
Liability at 1 January 2023
213,909
Charge to profit or loss
15,087
Liability at 31 December 2023
228,996
10
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Two Directors
2.00
23,885
85,213
537
(85,174)
24,461
23,885
85,213
537
(85,174)
24,461

The loan to the directors is unsecured and repayable on demand.

2023-12-312023-01-01false14 August 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMr T A D BrowneMs J R Brownefalsefalse078669162023-01-012023-12-31078669162023-12-31078669162022-12-3107866916core:LandBuildings2023-12-3107866916core:OtherPropertyPlantEquipment2023-12-3107866916core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-12-3107866916core:LandBuildings2022-12-3107866916core:OtherPropertyPlantEquipment2022-12-3107866916core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-12-3107866916core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3107866916core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3107866916core:CurrentFinancialInstruments2023-12-3107866916core:CurrentFinancialInstruments2022-12-3107866916core:Non-currentFinancialInstruments2023-12-3107866916core:Non-currentFinancialInstruments2022-12-3107866916core:ShareCapital2023-12-3107866916core:ShareCapital2022-12-3107866916core:RetainedEarningsAccumulatedLosses2023-12-3107866916core:RetainedEarningsAccumulatedLosses2022-12-3107866916bus:Director12023-01-012023-12-3107866916bus:Director22023-01-012023-12-3107866916core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-01-012023-12-3107866916core:PlantMachinery2023-01-012023-12-3107866916core:FurnitureFittings2023-01-012023-12-3107866916core:MotorVehicles2023-01-012023-12-31078669162022-01-012022-12-3107866916core:NetGoodwill2022-12-3107866916core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-12-31078669162022-12-3107866916core:NetGoodwill2023-12-3107866916core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-12-3107866916core:NetGoodwill2022-12-3107866916core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-12-3107866916core:LandBuildings2022-12-3107866916core:OtherPropertyPlantEquipment2022-12-3107866916core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-12-3107866916core:LandBuildings2023-01-012023-12-3107866916core:OtherPropertyPlantEquipment2023-01-012023-12-3107866916core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-01-012023-12-3107866916core:WithinOneYear2023-12-3107866916core:WithinOneYear2022-12-3107866916bus:PrivateLimitedCompanyLtd2023-01-012023-12-3107866916bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3107866916bus:FRS1022023-01-012023-12-3107866916bus:AuditExemptWithAccountantsReport2023-01-012023-12-3107866916bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP