21 false false false false false false false false false false true false false false false false false No description of principal activity 2023-02-01 Sage Accounts Production Advanced 2023 - FRS102_2023 22,755 22,755 22,755 3,342,425 3,342,425 3,342,425 xbrli:pure xbrli:shares iso4217:GBP 00759342 2023-02-01 2024-01-31 00759342 2024-01-31 00759342 2023-01-31 00759342 2022-02-01 2023-01-31 00759342 2023-01-31 00759342 2022-01-31 00759342 core:LandBuildings core:LongLeaseholdAssets 2023-02-01 2024-01-31 00759342 core:FurnitureFittings 2023-02-01 2024-01-31 00759342 core:MotorVehicles 2023-02-01 2024-01-31 00759342 bus:OrdinaryShareClass2 2023-02-01 2024-01-31 00759342 bus:OrdinaryShareClass3 2023-02-01 2024-01-31 00759342 bus:OrdinaryShareClass4 2023-02-01 2024-01-31 00759342 bus:OrdinaryShareClass5 2023-02-01 2024-01-31 00759342 bus:Director3 2023-02-01 2024-01-31 00759342 core:LandBuildings core:LongLeaseholdAssets 2023-01-31 00759342 core:LandBuildings core:ShortLeaseholdAssets 2023-01-31 00759342 core:FurnitureFittings 2023-01-31 00759342 core:MotorVehicles 2023-01-31 00759342 core:LandBuildings core:LongLeaseholdAssets 2024-01-31 00759342 core:LandBuildings core:ShortLeaseholdAssets 2024-01-31 00759342 core:FurnitureFittings 2024-01-31 00759342 core:MotorVehicles 2024-01-31 00759342 core:LandBuildings core:ShortLeaseholdAssets 2023-02-01 2024-01-31 00759342 core:WithinOneYear 2024-01-31 00759342 core:WithinOneYear 2023-01-31 00759342 core:AfterOneYear 2024-01-31 00759342 core:AfterOneYear 2023-01-31 00759342 core:ShareCapital 2024-01-31 00759342 core:ShareCapital 2023-01-31 00759342 core:RevaluationReserve 2024-01-31 00759342 core:RevaluationReserve 2023-01-31 00759342 core:RetainedEarningsAccumulatedLosses 2024-01-31 00759342 core:RetainedEarningsAccumulatedLosses 2023-01-31 00759342 core:CostValuation core:Non-currentFinancialInstruments 2024-01-31 00759342 core:Non-currentFinancialInstruments 2024-01-31 00759342 core:Non-currentFinancialInstruments 2023-01-31 00759342 core:AcceleratedTaxDepreciationDeferredTax 2024-01-31 00759342 core:AcceleratedTaxDepreciationDeferredTax 2023-01-31 00759342 core:TaxLossesCarry-forwardsDeferredTax 2024-01-31 00759342 core:TaxLossesCarry-forwardsDeferredTax 2023-01-31 00759342 core:LandBuildings core:LongLeaseholdAssets 2023-01-31 00759342 core:LandBuildings core:ShortLeaseholdAssets 2023-01-31 00759342 core:FurnitureFittings 2023-01-31 00759342 core:MotorVehicles 2023-01-31 00759342 bus:SmallEntities 2023-02-01 2024-01-31 00759342 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 00759342 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 00759342 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 00759342 bus:FullAccounts 2023-02-01 2024-01-31 00759342 bus:OrdinaryShareClass2 2024-01-31 00759342 bus:OrdinaryShareClass2 2023-01-31 00759342 bus:OrdinaryShareClass3 2024-01-31 00759342 bus:OrdinaryShareClass3 2023-01-31 00759342 bus:OrdinaryShareClass4 2024-01-31 00759342 bus:OrdinaryShareClass4 2023-01-31 00759342 bus:OrdinaryShareClass5 2024-01-31 00759342 bus:OrdinaryShareClass5 2023-01-31 00759342 bus:AllOrdinaryShares 2024-01-31 00759342 bus:AllOrdinaryShares 2023-01-31 00759342 core:IntangibleAssetsOtherThanGoodwill 2023-01-31 00759342 core:IntangibleAssetsOtherThanGoodwill 2023-02-01 2024-01-31
COMPANY REGISTRATION NUMBER: 00759342
St.Lawrence Hall Farms Limited
Unaudited financial statements
31 January 2024
St.Lawrence Hall Farms Limited
Statement of financial position
31 January 2024
2024
2023
Note
£
£
£
£
Fixed assets
Intangible assets
5
22,755
Tangible assets
6
13,205,210
13,313,739
Investments
7
3,342,425
3,342,425
------------
------------
16,547,635
16,678,919
Current assets
Stocks
175,907
134,711
Debtors
8
1,922,618
2,085,663
Financial assets
9
1,840,909
1,898,401
Cash at bank and in hand
605,713
916,217
-----------
-----------
4,545,147
5,034,992
Creditors: Amounts falling due within one year
10
( 1,036,097)
( 652,294)
-----------
-----------
Net current assets
3,509,050
4,382,698
------------
------------
Total assets less current liabilities
20,056,685
21,061,617
Creditors: Amounts falling due after more than one year
11
( 14,927,242)
( 15,224,161)
Provisions
Taxation including deferred tax
( 1,194,134)
( 1,204,063)
------------
------------
Net assets
3,935,309
4,633,393
------------
------------
Capital and reserves
Called up share capital
14
5,000
5,000
Revaluation reserve
1,980,818
1,958,063
Profit and loss account
1,949,491
2,670,330
-----------
-----------
Shareholders funds
3,935,309
4,633,393
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 January 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
St.Lawrence Hall Farms Limited
Statement of financial position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 6 September 2024 , and are signed on behalf of the board by:
Mr D. R Parker
Director
Company registration number: 00759342
St.Lawrence Hall Farms Limited
Notes to the financial statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Ilketshall Hall, Ilketshall St. Lawrence, Beccles, Suffolk, NR34 8NH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts 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 equity, except to the extent 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 equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Old poultry buildings
-
15% reducing balance
Implements and machinery
-
15% straight line
Motor vehicles
-
25% reducing balance
Freehold land is not depreciated. Site offices and infrastructure have been depreciated over 50 years, solar PV over 25 years and the new poultry sites over 30 years. Assets in the course of construction are not depreciated until complete and transferred to another tangible asset class as appropriate.
Investment property
Investment properties are shown at their fair value. The surplus or deficit arising from the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost brought forward plus additions in the period and adjustments to intercompany loan transactions.
Stocks
Commodity stocks and cultivations are valued at the lower of cost and net realisable value by the independent land agents, after making due allowance for obsolete and slow moving items.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Included within other income is the Basic Payment Scheme grant and Environmental Stewardship grant totalling £67,627 (2023 - £81,313) receivable from The Rural Payments Agency under UK Government policy. Without this income, there would have been a loss for the year before tax of £130,565 (2023 - £1,185,133 profit). Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial assets
Financial assets are accounted for at fair value. Annual movements in fair value are recognised through profit and loss.
4. Employee numbers
The average number of employees during the year was 21 (2023: 20 ).
5. Intangible assets
Entitlements
£
Cost or valuation
At 1 February 2023
22,755
Additions
Revaluations
( 22,755)
-------
At 31 January 2024
-------
Amortisation
At 1 February 2023 and 31 January 2024
-------
Carrying amount
At 31 January 2024
-------
At 31 January 2023
22,755
-------
6. Tangible assets
Long leasehold property
Assets in the course of construction
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 February 2023
16,499,323
105,604
366,134
138,219
17,109,280
Additions
348,779
405,550
15,800
770,129
Disposals
( 375,870)
( 12,542)
( 388,412)
------------
---------
---------
---------
------------
At 31 January 2024
16,499,323
78,513
771,684
141,477
17,490,997
------------
---------
---------
---------
------------
Depreciation
At 1 February 2023
3,438,258
256,715
100,568
3,795,541
Charge for the year
438,581
51,571
10,517
500,669
Disposals
( 10,423)
( 10,423)
------------
---------
---------
---------
------------
At 31 January 2024
3,876,839
308,286
100,662
4,285,787
------------
---------
---------
---------
------------
Carrying amount
At 31 January 2024
12,622,484
78,513
463,398
40,815
13,205,210
------------
---------
---------
---------
------------
At 31 January 2023
13,061,065
105,604
109,419
37,651
13,313,739
------------
---------
---------
---------
------------
Investment properties are measured at fair value. The directors assess and determine the fair value of the investment properties at each reporting date. The values inevitably have a degree of judgement involved in that each property is unique and value can only ultimately be reliably tested in the market itself.
Tangible assets held at valuation
Freehold land and buildings:-
LandBuildingsTotal
£££
Valuation430,000930,0001,360,000
Cost508,19214,631,13115,139,323
---------------------------------
938,19215,561,13116,499,323
---------------------------------
The freehold land was valued at £430,000 and the buildings valued at £910,000 in 1998 on an open market basis. Under provisions of the transitional rules of Financial Reporting Standard 15, the freehold land and buildings are included in these financial statements at that current revalued amount. If freehold land had not been revalued, it would have been included at a cost of £26,310. Investment properties of £910,000 were revalued at 31 January 2017. Two properties totalling £930,000 were revalued at 24 June 2022 and the directors consider those values to represent fair value at 31 January 2024.
7. Investments
Other investments other than loans
£
Cost
At 1 February 2023 and 31 January 2024
3,342,425
-----------
Impairment
At 1 February 2023 and 31 January 2024
-----------
Carrying amount
At 31 January 2024
3,342,425
-----------
At 31 January 2023
3,342,425
-----------
Name Class of share
Proportion held
Mundford Poultry Ltd Ordinary 100%
Ilketshall Hall
Ilketshall St.Lawrence
Beccles
Suffolk
BPS Equipment Ltd Ordinary 33.3%
Unit 1, 12 St.Johns Way
St.Johns Business Estate
Downham Market
Norfolk
BPS (Stumps Cross) Ltd Ordinary 100%
Ilketshall Hall
Ilketshall St. Lawrence
Beccles
Suffolk
Chequerhouse Farm Ltd Ordinary 33.3%
Scofton Farmhouse
Scofton
Worksop
Notts
8. Debtors
2024
2023
£
£
Trade debtors
514,050
594,515
Other debtors
1,408,568
1,491,148
-----------
-----------
1,922,618
2,085,663
-----------
-----------
9. Financial assets
2024
2023
£
£
Other financial assets
1,840,909
1,898,401
-----------
-----------
Included within financial assets is £1,840,909 which is the fair value relating to a number of interest rate hedge instruments relevant to the bank loans held by the company.
The cost of hedging instruments brought forward is £972,266.
The instruments are accounted for at fair value, with changes in fair value being recognised through profit and loss. For the 2024 year end, a reduction in fair value of £57,491 has been recognised in the income statement.
10. Creditors: Amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
364,603
110,679
Trade creditors
114,920
247,266
Amounts owed to group undertakings and undertakings in which the company has a participating interest
275,000
Social security and other taxes
80,756
69,041
Other creditors
200,818
225,308
-----------
---------
1,036,097
652,294
-----------
---------
The bank loans are secured by the company on a fixed and floating charge over the company's assets.
11. Creditors: Amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
14,927,242
15,224,161
------------
------------
Included within creditors: amounts falling due after more than one year is an amount of £13,232,280 (2023: £13,178,315) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The bank loans are secured by the company on a fixed and floating charge over the company's assets
12. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
1,194,134
1,204,063
-----------
-----------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
1,787,766
1,686,899
Unused tax losses
( 593,632)
( 482,836)
-----------
-----------
1,194,134
1,204,063
-----------
-----------
13. Financial instruments
Prior to 2017, St. Lawrence Hall Farms Limited was not required to recognise derivative financial instruments on the balance sheet. Instead the effects of the derivative financial instruments were recognised in profit and loss on settlement. Under FRS 102, derivative financial instruments are classified as other financial instruments and are recognised as a financial asset or a financial liability, at fair value, when an entity becomes party to the contractual provisions of the instrument. On the adoption of the requirements of FRS 102, financial asset purchases have been recognised on the balance sheet, being £256,661 on 18 March 2016, £115,646 on 20 October 2016, £72,991 on 3 November 2017 and £526,968 on 21 May 2021.
14. Called up share capital
Authorised share capital
2024
2023
No.
£
No.
£
Ordinary A shares of £ 1 each
250
250
250
250
Ordinary B shares of £ 1 each
250
250
250
250
Ordinary C shares of £ 1 each
350
350
350
350
Ordinary D shares of £ 1 each
350
350
350
350
Ordinary E shares of £1 each
200
200
200
200
Ordinary F shares of £1 each
200
200
200
200
Ordinary G shares of £1 each
1,700
1,700
1,700
1,700
Orinary H shares of £1 each
1,700
1,700
1,700
1,700
------
------
------
------
5,000
5,000
5,000
5,000
------
------
------
------
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary A shares of £ 1 each
250
250
250
250
Ordinary B shares of £ 1 each
250
250
250
250
Ordinary C shares of £ 1 each
350
350
350
350
Ordinary D shares of £ 1 each
350
350
350
350
Ordinary E shares of £1 each
200
200
200
200
Ordinary F shares of £1 each
200
200
200
200
Ordinary G shares of £1 each
1,700
1,700
1,700
1,700
Orinary H shares of £1 each
1,700
1,700
1,700
1,700
------
------
------
------
5,000
5,000
5,000
5,000
------
------
------
------
15. Director's advances, credits and guarantees
Included in other debtors are the following amounts due by the directors: Mr D R Parker £65,326 During the year there were advances of £280,435 and repayments of £534,228. There is 2.25% interest charged on the loan which is repayable on demand.