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REGISTERED NUMBER: 05463452 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

S F R FARMING LIMITED

S F R FARMING LIMITED (REGISTERED NUMBER: 05463452)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


S F R FARMING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: S F Roberts





REGISTERED OFFICE: Park Hall Farm
Clotton
Tarporley
Cheshire
CW6 0EG





REGISTERED NUMBER: 05463452 (England and Wales)

S F R FARMING LIMITED (REGISTERED NUMBER: 05463452)

BALANCE SHEET
31 MARCH 2024

31/3/24 31/3/23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 996,993 805,901
996,993 805,901

CURRENT ASSETS
Stocks 871,320 858,450
Debtors 6 364,006 368,397
Cash at bank - 62,186
1,235,326 1,289,033
CREDITORS
Amounts falling due within one year 7 798,272 770,606
NET CURRENT ASSETS 437,054 518,427
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,434,047

1,324,328

CREDITORS
Amounts falling due after more than
one year

8

(122,963

)

(334,634

)

PROVISIONS FOR LIABILITIES (246,033 ) (197,903 )
NET ASSETS 1,065,051 791,791

S F R FARMING LIMITED (REGISTERED NUMBER: 05463452)

BALANCE SHEET - continued
31 MARCH 2024

31/3/24 31/3/23
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 10 1,064,951 791,691
SHAREHOLDERS' FUNDS 1,065,051 791,791

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 director acknowledges his 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.

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

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

The financial statements were approved by the director and authorised for issue on 24 July 2024 and were signed by:





S F Roberts - Director


S F R FARMING LIMITED (REGISTERED NUMBER: 05463452)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

S F R Farming 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.

The presentation currency of the financial statements is the Pound Sterling (£).


Transactions are rounded to the nearest £.

2. ACCOUNTING POLICIES

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

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax and is recognised upon despatch of goods.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Milk quota are being amortised evenly over their estimated useful life of eight years.

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.
Tenants improvements - 10% on reducing balance
Implements, machinery & sheds - 15% on reducing balance
Motor vehicles & tractors - 25% on reducing balance
Office equipment and computers - 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Biological assets, being a dairy herd, are included within stocks at the lower of cost and estimated selling price less costs to sell.

S F R FARMING LIMITED (REGISTERED NUMBER: 05463452)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
FINANCIAL ASSETS

Trade, group and other debtors
Trade, group and other debtors (including accrued income) which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.

A provision for impairment of trade debtors is established where there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit or loss for the excess of the carrying value of the trade debtor over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit or loss.

FINANCIAL LIABILITIES

Trade, group and other creditors
Trade, group and other creditors (including accruals) payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being transaction price less any amounts settled.

Derecognition of financial assets and liabilities
A financial asset is only derecognised when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. A financial liability (or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled or expires.

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.


S F R FARMING LIMITED (REGISTERED NUMBER: 05463452)

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2023
and 31 March 2024 121,128
AMORTISATION
At 1 April 2023
and 31 March 2024 121,128
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

S F R FARMING LIMITED (REGISTERED NUMBER: 05463452)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. TANGIBLE FIXED ASSETS
Implements,
Tenants machinery
Entitlements improvements & sheds
£    £    £   
COST
At 1 April 2023 12,560 28,744 1,731,342
Additions - - 316,629
Disposals - - (185,532 )
At 31 March 2024 12,560 28,744 1,862,439
DEPRECIATION
At 1 April 2023 12,560 14,455 1,044,315
Charge for year - 1,429 131,009
Eliminated on disposal - - (55,270 )
At 31 March 2024 12,560 15,884 1,120,054
NET BOOK VALUE
At 31 March 2024 - 12,860 742,385
At 31 March 2023 - 14,289 687,027

Office
Motor equipment
vehicles and
& tractors computers Totals
£    £    £   
COST
At 1 April 2023 420,474 8,465 2,201,585
Additions 300,125 - 616,754
Disposals (146,500 ) - (332,032 )
At 31 March 2024 574,099 8,465 2,486,307
DEPRECIATION
At 1 April 2023 317,599 6,755 1,395,684
Charge for year 80,148 407 212,993
Eliminated on disposal (64,093 ) - (119,363 )
At 31 March 2024 333,654 7,162 1,489,314
NET BOOK VALUE
At 31 March 2024 240,445 1,303 996,993
At 31 March 2023 102,875 1,710 805,901

S F R FARMING LIMITED (REGISTERED NUMBER: 05463452)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Implements, Motor
machinery vehicles
& sheds & tractors Totals
£    £    £   
COST
At 1 April 2023 85,700 146,500 232,200
Additions 33,500 300,125 333,625
Transfer to ownership - (146,500 ) (146,500 )
At 31 March 2024 119,200 300,125 419,325
DEPRECIATION
At 1 April 2023 36,999 64,093 101,092
Charge for year 12,330 75,031 87,361
Transfer to ownership - (64,093 ) (64,093 )
At 31 March 2024 49,329 75,031 124,360
NET BOOK VALUE
At 31 March 2024 69,871 225,094 294,965
At 31 March 2023 48,701 82,407 131,108

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£    £   
Trade debtors 332,828 333,535
VAT 31,178 34,862
364,006 368,397

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£    £   
Bank loans and overdrafts 34,257 84,527
Hire purchase contracts 79,886 42,334
Trade creditors 597,084 467,861
Tax 42,286 132,928
Social security and other taxes 4,759 2,956
Directors' loan accounts 40,000 40,000
798,272 770,606

S F R FARMING LIMITED (REGISTERED NUMBER: 05463452)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31/3/24 31/3/23
£    £   
Bank loans 13,111 -
Bank loans - 2-5 years - 177,276
Hire purchase contracts 92,539 41,345
Directors' loan accounts 17,313 116,013
122,963 334,634

9. SECURED DEBTS

The Company has £172,426 owing at the year end in relation to Hire purchase agreements. These debts are secured against the assets in which they relate to.

10. RESERVES
Retained
earnings
£   

At 1 April 2023 791,691
Profit for the year 274,260
Dividends (1,000 )
At 31 March 2024 1,064,951