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REGISTERED NUMBER: 00373857 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

FARM SERVICES LIMITED

FARM SERVICES LIMITED (REGISTERED NUMBER: 00373857)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


FARM SERVICES LIMITED

COMPANY INFORMATION
for the year ended 31 March 2024







DIRECTORS: R P Burtonshaw
I Watt
R J Burtonshaw



SECRETARY: R P Burtonshaw



REGISTERED OFFICE: Chesterton Estate Yard
Banbury Road
Lighthorne
Warwick
Warwickshire
CV35 0AF



REGISTERED NUMBER: 00373857 (England and Wales)



BANKERS: Lloyds Bank plc
12 Swan Street
Warwick
CV34 4BJ

FARM SERVICES LIMITED (REGISTERED NUMBER: 00373857)

ABRIDGED BALANCE SHEET
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,451,754 1,498,678

CURRENT ASSETS
Stocks 27,613 43,013
Debtors 107,449 149,142
Cash at bank and in hand 41 560
135,103 192,715
CREDITORS
Amounts falling due within one year 429,190 482,463
NET CURRENT LIABILITIES (294,087 ) (289,748 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,157,667

1,208,930

CREDITORS
Amounts falling due after more than one
year

(209,092

)

(276,362

)

PROVISIONS FOR LIABILITIES (163,643 ) (159,440 )
NET ASSETS 784,932 773,128

CAPITAL AND RESERVES
Called up share capital 7 23,459 23,459
Revaluation reserve 8 646,301 646,301
Capital redemption reserve 20,048 20,048
Retained earnings 95,124 83,320
SHAREHOLDERS' FUNDS 784,932 773,128

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

FARM SERVICES LIMITED (REGISTERED NUMBER: 00373857)

ABRIDGED BALANCE SHEET - continued
31 March 2024


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 August 2024 and were signed on its behalf by:




R P Burtonshaw - Director I Watt - Director




R J Burtonshaw - Director


FARM SERVICES LIMITED (REGISTERED NUMBER: 00373857)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2024

1. STATUTORY INFORMATION

Farm Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements are presented in sterling which is the functional currency of the company and is rounded to the nearest £1.

At the balance sheet date the company had net current liabilities of £294,087 (2023 - £289,748), and total net assets of £784,932 (2023 - £773,128). Included in creditors due within one year is a bank overdraft of £242,530. The company's bankers have agreed a continuation of this overdraft facility and along with the forecasted future profitable trade the business is considered a going concern. The accounts and financial statements have therefore been prepared on a going concern basis.

Turnover
Turnover comprises the value of sales (excluding value added tax, similar taxes and trade discounts) of goods and services provided in the normal course of business. Revenue is recognised when the goods are despatched, which is the same day on which the goods are delivered and hence is the point at which the risks and rewards of ownership passes to the buyer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - nil
Workshops - not provided
Plant and machinery - 25% on reducing balance and 10% on reducing balance
Fixtures, fittings and equipment - 25% on cost and 5% on reducing balance
Motor vehicles - 25% on reducing balance
Implements and equipment - 10% on reducing balance and 5% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


FARM SERVICES LIMITED (REGISTERED NUMBER: 00373857)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 12 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST OR VALUATION
At 1 April 2023 2,377,491
Additions 13,950
Disposals (30,800 )
At 31 March 2024 2,360,641
DEPRECIATION
At 1 April 2023 878,813
Charge for year 60,827
Eliminated on disposal (30,753 )
At 31 March 2024 908,887
NET BOOK VALUE
At 31 March 2024 1,451,754
At 31 March 2023 1,498,678

The company's premises were valued on 6 September 2018 by Howkins & Harrison registered valuers on the basis of open market value of £840,000.

FARM SERVICES LIMITED (REGISTERED NUMBER: 00373857)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 March 2024 is represented by:

Totals
£   
Valuation in 2022 760,770
Cost 1,599,871
2,360,641

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST OR VALUATION
At 1 April 2023
and 31 March 2024 468,547
DEPRECIATION
At 1 April 2023 142,842
Charge for year 32,570
At 31 March 2024 175,412
NET BOOK VALUE
At 31 March 2024 293,135
At 31 March 2023 325,705

5. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 37,641 62,016
Between one and five years 68,871 106,512
106,512 168,528

Non-cancellable operating leases
2024 2023
£    £   
Within one year 525 700
Between one and five years - 525
525 1,225

FARM SERVICES LIMITED (REGISTERED NUMBER: 00373857)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

6. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 242,530 197,854
Bank loan 77,112 97,045
Hire purchase contracts 106,512 168,528
426,154 463,427

The bank overdraft and loan are secured by charges over the company's freehold land and buildings. The hire purchase is secured on the assets concerned.

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
23,459 Ordinary £1 23,459 23,459

8. RESERVES
Revaluation
reserve
£   
At 1 April 2023
and 31 March 2024 646,301

The capital redemption reserve of £20,048 represents the par value of the company's own shares purchased by the company.

9. PENSION COMMITMENTS

The company operates a defined contribution pension scheme in respect of the directors and certain employees. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the company and amounted to £16,692 (2023 - £12,544). At the year end there was a balance outstanding amounting to £1,070 (2023 - £284).

10. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.