Company registration number 1035692 (England and Wales)
E.D. ESTATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
E.D. ESTATES LIMITED
COMPANY INFORMATION
Directors
Mr N D K Bowman
Mr P A Illingworth
Mr G J Markham
Mrs H A Norton
Mr P J Wilson
Secretary
Mrs H A Norton
Company number
1035692
Registered office
Great Addington Lodge
Thrapston Road
Finedon
Wellingborough
Northamptonshire
United Kingdom
NN9 5HN
Accountants
Azets
Thorpe House
93 Headlands
Kettering
Northamptonshire
United Kingdom
NN15 6BL
E.D. ESTATES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
E.D. ESTATES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,644,318
2,657,840
Current assets
Stocks
706,256
929,896
Debtors
5
131,718
108,384
Cash at bank and in hand
216,520
305,955
1,054,494
1,344,235
Creditors: amounts falling due within one year
6
(1,082,200)
(1,312,550)
Net current (liabilities)/assets
(27,706)
31,685
Net assets
2,616,612
2,689,525
Capital and reserves
Called up share capital
7
150,000
150,000
Revaluation reserve
8
533,933
537,683
Profit and loss reserves
1,932,679
2,001,842
Total equity
2,616,612
2,689,525

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.

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 12 September 2024 and are signed on its behalf by:
Mrs H A Norton
Director
Company Registration No. 1035692
E.D. ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

E.D. Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is Great Addington Lodge, Thrapston Road, Finedon, Wellingborough, Northamptonshire, United Kingdom, NN9 5HN.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is measured at fair value of consideration received or receivable net of VAT. Turnover represents farming income from sales of crops at invoiced value excluding VAT, together with associated grants and subsidies.

 

Turnover from crop sales is recognised when significant risks and rewards of ownership have transferred to the buyer, normally on delivery.

1.3
Intangible fixed assets other than goodwill

Basic Payment Entitlement is a grant which is initially measured at fair value and is being amortised over its estimated useful life of 5 years.

1.4
Tangible fixed assets

Tangible fixed assets are stated at cost or deemed cost less accumulated depreciation and accumulated impairment losses.

Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off cost less estimated residual value of each asset over its expected useful life. However freehold and leasehold properties with the exception of the property below have no depreciation provision due to each having long estimated residual life and a residual value that would not be less than carrying value.

Freehold land and buildings
1/40 cost
Leasehold property
15% TO 50% NBV

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.

E.D. ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Stocks

Stocks valuations have been prepared by the directors in accordance with the principles laid down by HM Revenue & Customs.

 

Cultivations are biological assets and are included at cost calculated by reference to the seeds, machinery and labour attributable to the stage of production reached.

 

The stock of fertilisers and sprays includes quantities held at the year end (and amounts applied to the cultivations to the stage of production reached) valued at the lower of cost and net realisable value.

1.6
Financial instruments

Loans from directors and other connected parties are measured at transaction price.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.7
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.

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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Leases

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.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

E.D. ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.9

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price less any impairment.

2
Employees

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

2023
2022
Number
Number
Total
4
4
3
Intangible fixed assets
Basic payment scheme
£
Cost
At 1 January 2023 and 31 December 2023
28,041
Amortisation and impairment
At 1 January 2023 and 31 December 2023
28,041
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
E.D. ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
2,409,978
598,020
3,007,998
Additions
-
0
48,080
48,080
At 31 December 2023
2,409,978
646,100
3,056,078
Depreciation and impairment
At 1 January 2023
30,000
320,158
350,158
Depreciation charged in the year
3,750
57,852
61,602
At 31 December 2023
33,750
378,010
411,760
Carrying amount
At 31 December 2023
2,376,228
268,090
2,644,318
At 31 December 2022
2,379,978
277,862
2,657,840
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
41,314
5
Other debtors
11,031
54,653
52,345
54,658
Deferred tax asset
79,373
53,726
131,718
108,384
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
31,227
235,960
Taxation and social security
2,394
1,096
Other creditors
1,048,579
1,075,494
1,082,200
1,312,550
E.D. ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
150,000
150,000
150,000
150,000
8
Revaluation reserve
2023
2022
£
£
At the beginning of the year
537,683
541,433
Transfer to retained earnings
(3,750)
(3,750)
At the end of the year
533,933
537,683
9
Financial commitments, guarantees and contingent liabilities

Under the agreements the company has with two contract farmers, a bonus is payable for the profit achieved from the sales of the 2023 harvest crops. Whilst there was a liability at the balance sheet date, this has not been recognised in the accounts for the year ended 31 December 2023 as the settlement amount cannot be measured reliably.

10
Related party transactions

In previous years the trustees of the E D Peck Settlement made loans to the company. These loans are unsecured and have no fixed repayment date. The total amount outstanding at 31 December 2023 was £1,018,830 (2022: £1,018,830). No interest was charged during the current or previous years.

 

In previous years the late Mr D J Norton also made loans to the company that are unsecured and have no fixed repayment date. The loans are now repayable to Mrs H Norton. The total amount outstanding at 31 December 2023 was £14,232 (2022: £25,712). No interest was charged during the current or previous years.

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