Company registration number 07998330 (England and Wales)
FIR FARM HOLDINGS LIMITED
FORMERLY FIR FARM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
FIR FARM HOLDINGS LIMITED
FORMERLY FIR FARM LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
FIR FARM HOLDINGS LIMITED
FORMERLY FIR FARM LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
17,518,016
16,995,487
Investments
5
502,500
1,110,367
18,020,516
18,105,854
Current assets
Stocks
142,700
61,145
Debtors
6
151,814
122,343
Cash at bank and in hand
74,219
59,882
368,733
243,370
Creditors: amounts falling due within one year
7
(1,507,759)
(513,274)
Net current liabilities
(1,139,026)
(269,904)
Net assets
16,881,490
17,835,950
Capital and reserves
Called up share capital
10,124,667
10,124,667
Share premium account
1,208,635
1,208,635
Profit and loss reserves
5,548,188
6,502,648
Total equity
16,881,490
17,835,950
For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 13 September 2024 and are signed on its behalf by:
Lady J H Parker
Mr L Fell
Director
Director
Company registration number 07998330 (England and Wales)
FIR FARM HOLDINGS LIMITED
FORMERLY FIR FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 2 -
1
Accounting policies
Company information
Fir Farm Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is 22 Chancery Lane, London, WC2A 1LS.
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.The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Entitlements
18% reducing balance
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
FIR FARM HOLDINGS LIMITED
FORMERLY FIR FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
18%/2% reducing balance
Land and buildings improvements
18% reducing balance
Plant and equipment
18% reducing balance
Computers
18% reducing balance
Motor vehicles
18% reducing balance
Herd stock
Not depreciated
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.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
FIR FARM HOLDINGS LIMITED
FORMERLY FIR FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Taxation
The tax represents the sum of the tax currently (re)payable.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
FIR FARM HOLDINGS LIMITED
FORMERLY FIR FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 5 -
3
Intangible fixed assets
Entitlements
£
Cost
At 1 October 2022 and 30 September 2023
55,007
Amortisation and impairment
At 1 October 2022 and 30 September 2023
55,007
Carrying amount
At 30 September 2023
At 30 September 2022
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Herd stock
Total
£
£
£
£
Cost
At 1 October 2022
17,273,629
43,697
17,317,326
Additions
429,671
89,738
79,000
598,409
At 30 September 2023
17,703,300
133,435
79,000
17,915,735
Depreciation and impairment
At 1 October 2022
317,133
4,706
321,839
Depreciation charged in the year
62,000
13,880
75,880
At 30 September 2023
379,133
18,586
397,719
Carrying amount
At 30 September 2023
17,324,167
114,849
79,000
17,518,016
At 30 September 2022
16,956,496
38,991
16,995,487
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
502,500
1,110,367
FIR FARM HOLDINGS LIMITED
FORMERLY FIR FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
5
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 October 2022
1,110,367
Valuation changes
(607,867)
At 30 September 2023
502,500
Carrying amount
At 30 September 2023
502,500
At 30 September 2022
1,110,367
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
64,127
3,253
Corporation tax recoverable
8,387
Other debtors
87,687
110,703
151,814
122,343
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
120
362
Trade creditors
65,305
76,746
Amounts owed to group undertakings
51,790
Taxation and social security
2,318
3,514
Other creditors
1,388,226
432,652
1,507,759
513,274
FIR FARM HOLDINGS LIMITED
FORMERLY FIR FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 7 -
8
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
As at the year end, Fir Farm Holdings Limited owed £51,789 to (2022: £15,475 due from) Fir Farm Limited. Fir Farm Holdings Limited owns 100% of the vote bearing ordinary share capital in Fir Farm Limited. No interest was charged in the year on this amount.
Other information
As at the year end £1,265,339 (2022: £392,681) was owed to the directors. No interest is accruing on this amount.