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REGISTERED NUMBER: 01556299 (England and Wales)











UPLANDS FARMS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






UPLANDS FARMS LIMITED (REGISTERED NUMBER: 01556299)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Abridged Balance Sheet 1

Notes to the Financial Statements 3


UPLANDS FARMS LIMITED (REGISTERED NUMBER: 01556299)

ABRIDGED BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,169,597 2,425,976

CURRENT ASSETS
Stocks 66,479 63,384
Debtors 29,676 19,943
Prepayments and accrued income 2,958 4,270
Cash at bank 78,483 76,445
177,596 164,042
CREDITORS
Amounts falling due within one year 172,162 169,893
NET CURRENT ASSETS/(LIABILITIES) 5,434 (5,851 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,175,031

2,420,125

CREDITORS
Amounts falling due after more than one
year

5

(90,166

)

(120,823

)

PROVISIONS FOR LIABILITIES (359,389 ) (216,772 )

ACCRUALS AND DEFERRED INCOME (3,297 ) (3,211 )
NET ASSETS 2,722,179 2,079,319

CAPITAL AND RESERVES
Called up share capital 7 300,000 300,000
Revaluation reserve 2,141,745 1,526,496
Retained earnings 280,434 252,823
SHAREHOLDERS' FUNDS 2,722,179 2,079,319

UPLANDS FARMS LIMITED (REGISTERED NUMBER: 01556299)

ABRIDGED BALANCE SHEET - continued
31 DECEMBER 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

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 December 2023 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 and authorised for issue by the Board of Directors and authorised for issue on 10 September 2024 and were signed on its behalf by:





Mrs M A Billows - Director


UPLANDS FARMS LIMITED (REGISTERED NUMBER: 01556299)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Uplands Farms Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 01556299

Registered office: Uplands Farm
Loddington
Northamptonshire
NN14 1LH

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 as modified by the revaluation of certain assets.

Turnover
Turnover represents amounts (excluding value added tax) derived from the provision of goods and services to customers during the year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Tractors and Combines - 20% on reducing balance

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

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

Debtors and creditors
Debtors receivable / creditors payable within one year are measured at transaction price (less any impairment losses on debtors for bad and doubtful debts). Loans and other financial assets / liabilities are initially measured at transaction price and subsequently measured at amortised cost determined using the effective interest method (less any impairment losses on debtors) for bad and doubtful debts.

Any losses arising from impairment are recognised in the profit and loss account.

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.


UPLANDS FARMS LIMITED (REGISTERED NUMBER: 01556299)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST OR VALUATION
At 1 January 2023 2,542,945
Revaluations 761,026
At 31 December 2023 3,303,971
DEPRECIATION
At 1 January 2023 116,969
Charge for year 17,405
At 31 December 2023 134,374
NET BOOK VALUE
At 31 December 2023 3,169,597
At 31 December 2022 2,425,976

Cost or valuation at 31 December 2023 is represented by:

Totals
£   
Valuation in 2014 1,726,738
Valuation in 2023 761,026
Cost 816,207
3,303,971

UPLANDS FARMS LIMITED (REGISTERED NUMBER: 01556299)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. TANGIBLE FIXED ASSETS - continued

If the freehold property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 612,236 612,236

The freehold property was valued on a fair value basis on 31 December 2013 by the directors .

5. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
2023 2022
£    £   
Repayable otherwise than by instalments
Preference shares 61,000 61,000

6. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 33,723 49,872
Hire purchase contracts 26,100 39,726
59,823 89,598

The bank loan is secured against the freehold land at Uplands Farm, Loddington, Kettering, Northamptonshire. NN14 1LH.

The hire purchase liabilities are secured against the assets to which they relate.

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
300,000 Ordinary £1.00 300,000 300,000