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Company No: 02837906 (England and Wales)

HEAVER FARMS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

HEAVER FARMS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

HEAVER FARMS LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
HEAVER FARMS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTORS JP Heaver
HG Heaver
REGISTERED OFFICE The Estate Office
West Stoke Farm
Downs Road
West Stoke
Chichester
West Sussex
PO18 9BQ
United Kingdom
COMPANY NUMBER 02837906 (England and Wales)
HEAVER FARMS LIMITED

BALANCE SHEET

As at 31 March 2024
HEAVER FARMS LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 31.03.2024 31.03.2023
£ £
Fixed assets
Tangible assets 3 252,107 364,252
Investment property 4 2,770,821 2,950,125
Investments 5 14,000 14,000
3,036,928 3,328,377
Current assets
Stocks 9,080 19,175
Debtors
- due within one year 6 732,147 466,193
- due after more than one year 6 550,000 550,000
Cash at bank and in hand 912,382 1,210,244
2,203,609 2,245,612
Creditors: amounts falling due within one year 7 ( 135,997) ( 79,211)
Net current assets 2,067,612 2,166,401
Total assets less current liabilities 5,104,540 5,494,778
Creditors: amounts falling due after more than one year 8 ( 40,282) ( 103,887)
Provision for liabilities 9 ( 618,281) ( 520,065)
Net assets 4,445,977 4,870,826
Capital and reserves
Called-up share capital 10,000 10,000
Profit and loss account 4,435,977 4,860,826
Total shareholders' funds 4,445,977 4,870,826

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Heaver Farms Limited (registered number: 02837906) were approved and authorised for issue by the Board of Directors on 13 September 2024. They were signed on its behalf by:

JP Heaver
Director
HEAVER FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
HEAVER FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Heaver Farms Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Estate Office, West Stoke Farm, Downs Road, West Stoke, Chichester, West Sussex, PO18 9BQ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover represents the value of goods and services supplied, excluding value added tax. Farming income is recognised on despatch of goods. Rental income is recognised in the period to which it relates.

Taxation

Current tax
The current 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 temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. 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 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 fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 0 - 7.5 % reducing balance
Plant and machinery etc. 25 - 33 % reducing balance
Leases

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Fixed asset investments

Investments in subsidiaries are recognised at cost less impairment.

Stocks

Stocks comprise harvested produce and other inventories. These are stated at the lower of cost and estimated selling price less costs to sell.

Trade and other debtors

Trade and other debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.

Trade and other debtors are initially recognised at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade and other creditors

Trade and other creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer the settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Grants of a revenue nature from the Rural Payments Agency are credited to the profit and loss account in the year to which they relate. According to the performance model, the full amount of the grant received is recognised as turnover unless there are any unfulfilled conditions attached to the grant, in which case the grant is only recognised on the fulfilment of the conditions. Under the Basic Payment Scheme revenue cannot be recognised as income until the greening provisions are met.

Ordinary share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payments is deferred and the time value of money is material, the initial measurement is on a present value basis.

2. Employees

Year ended
31.03.2024
Period from
01.10.2021 to
31.03.2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 April 2023 680,736 1,535,480 2,216,216
Disposals ( 680,736) ( 542,960) ( 1,223,696)
At 31 March 2024 0 992,520 992,520
Accumulated depreciation
At 01 April 2023 660,494 1,191,470 1,851,964
Charge for the financial year 20,242 87,319 107,561
Disposals ( 680,736) ( 538,376) ( 1,219,112)
At 31 March 2024 0 740,413 740,413
Net book value
At 31 March 2024 0 252,107 252,107
At 31 March 2023 20,242 344,010 364,252

4. Investment property

Investment property
£
Valuation
As at 01 April 2023 2,950,125
Fair value movement (179,304)
As at 31 March 2024 2,770,821

Valuation

The investment properties are held at fair value, based on valuations made by Mr J P Heaver (MRICS), a director, at 31 March 2024, with changes in fair value being recognised in the profit and loss account.

Historic cost

The historic cost of the investment property is as follows:

31.03.2024 31.03.2023
£ £
Historic cost 254,038 254,038

5. Fixed asset investments

31.03.2024 31.03.2023
£ £
Subsidiary undertakings 14,000 14,000

Investments in subsidiaries

31.03.2024
£
Cost
At 01 April 2023 14,000
At 31 March 2024 14,000
Carrying value at 31 March 2024 14,000
Carrying value at 31 March 2023 14,000

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
31.03.2024
Ownership
31.03.2023
Held
Broadbridge Farms Limited England and Wales Dormant Ordinary 100.00% 100.00% Direct
H R Heaver Limited England and Wales Dormant Ordinary 100.00% 100.00% Direct

6. Debtors

31.03.2024 31.03.2023
£ £
Debtors: amounts falling due within one year
Trade debtors 49,687 703
Other debtors 682,460 465,490
732,147 466,193
Debtors: amounts falling due after more than one year
Other debtors 550,000 550,000

7. Creditors: amounts falling due within one year

31.03.2024 31.03.2023
£ £
Trade creditors 17,550 1,272
Amounts owed to Group undertakings (note 10) 15,740 15,740
Obligations under finance leases and hire purchase contracts 63,608 29,832
Other creditors 39,099 32,367
135,997 79,211

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

31.03.2024 31.03.2023
£ £
Obligations under finance leases and hire purchase contracts 40,282 103,887

9. Provision for liabilities

31.03.2024 31.03.2023
£ £
Deferred tax 618,281 520,065
Deferred taxation Total
£ £
At 01 April 2023 520,065 520,065
Charged to the Profit and Loss Account 98,216 98,216
At 31 March 2024 618,281 618,281

Deferred tax

31.03.2024 31.03.2023
£ £
Accelerated capital allowances 63,027 65,362
Tax losses available ( 73,942) ( 57,554)
Other timing differences 629,196 512,257
Provision for deferred tax 618,281 520,065

The other timing differences relate to the difference between the fair value of the investment property and the original cost.

10. Related party transactions

J P Heaver
J P Heaver is a director of the company. During the year, loans totaling £59,200 were made to J P Heaver at an interest rate of 2.25% per annum. At the balance sheet date, the amount due to Heaver Farms Limited from J P Heaver was £258,021 (2023: £198,821). The loans totaling £59,200 were then repaid by J P Heaver after the year end.


Heaver family trusts
Trusts of which H G Heaver is a trustee or settlor. Loans were made by Heaver Farms Limited to these trusts in prior periods. The loans are unsecured, interest-free and repayable on demand. During the year, a further £59,200 was loaned to the Heaver family trusts at an interest rate of 2.25% per annum. At the balance sheet date, the amount due to Heaver Farms Limited was £175,099 (2023: £115,899). The loans totaling £59,200 were then repaid by the trusts after the year end.