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REGISTERED NUMBER: 00875088 (England and Wales)










Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Stearn Farms Limited

Stearn Farms Limited (Registered number: 00875088)






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


Stearn Farms Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mr S J Stearn
Mrs P M Stearn
Ms A C Stearn
Mr R R P Stearn





SECRETARY: Mrs P M Stearn





REGISTERED OFFICE: Middle Farmhouse
Stanfield Road
WYMONDHAM
Norfolk
NR18 9RN





REGISTERED NUMBER: 00875088 (England and Wales)





ACCOUNTANTS: Turner & Ellerby
Chartered Certified Accountants
5 Church Street
Framlingham
Woodbridge
Suffolk
IP13 9BQ

Stearn Farms Limited (Registered number: 00875088)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,333,758 3,031,998
Investments 5 520 520
3,334,278 3,032,518

CURRENT ASSETS
Stocks 1,150,000 1,260,000
Debtors 6 877,470 628,363
Cash at bank 494,376 459,213
2,521,846 2,347,576
CREDITORS
Amounts falling due within one year 7 1,135,450 1,112,317
NET CURRENT ASSETS 1,386,396 1,235,259
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,720,674

4,267,777

CREDITORS
Amounts falling due after more than one
year

8

(356,026

)

(268,929

)

PROVISIONS FOR LIABILITIES 10 (354,800 ) (203,506 )
NET ASSETS 4,009,848 3,795,342

CAPITAL AND RESERVES
Called up share capital 500 500
Merger reserve 528,566 528,566
Retained earnings 3,480,782 3,266,276
SHAREHOLDERS' FUNDS 4,009,848 3,795,342

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 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.

Stearn Farms Limited (Registered number: 00875088)

Balance Sheet - continued
31 March 2024


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 Board of Directors and authorised for issue on 2 September 2024 and were signed on its behalf by:




Mr S J Stearn - Director



Mr R R P Stearn - Director


Stearn Farms Limited (Registered number: 00875088)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Stearn Farms 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.

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.

In meeting the companies working capital requirements the companies bankers have agreed to continue to support the company. On the basis that the director considers, with the continued support of its bankers, it appropriate to prepare the financial statements on a going concern basis the financial statements do not include any adjustments that would result from the withdrawal of the banks support.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.
Freehold Property - Land - not provided
Buildings - 5% on cost
Improvements to property - 5% on cost
Plant and machinery - at variable rates on reducing balance

Freehold properties are not depreciated on the basis that the open market value is not less than the net book value.


Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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

The valuation has been prepared for stocktaking purposes and for incorporation in the accounts, in accordance with the Inland Revenue Business Economic Notes BEN19.

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.


Stearn Farms Limited (Registered number: 00875088)

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 10 ) .

4. TANGIBLE FIXED ASSETS
Freehold Improvements
Property to
- Land Buildings property
£    £    £   
COST
At 1 April 2023 1,419,002 193,276 396,695
Additions - - -
Disposals - - -
At 31 March 2024 1,419,002 193,276 396,695
DEPRECIATION
At 1 April 2023 - 125,624 137,584
Charge for year - 9,664 19,835
Eliminated on disposal - - -
At 31 March 2024 - 135,288 157,419
NET BOOK VALUE
At 31 March 2024 1,419,002 57,988 239,276
At 31 March 2023 1,419,002 67,652 259,111

Stearn Farms Limited (Registered number: 00875088)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS - continued

Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 April 2023 3,212,803 2,031 5,223,807
Additions 688,259 - 688,259
Disposals (410,806 ) - (410,806 )
At 31 March 2024 3,490,256 2,031 5,501,260
DEPRECIATION
At 1 April 2023 1,926,570 2,031 2,191,809
Charge for year 223,015 - 252,514
Eliminated on disposal (276,821 ) - (276,821 )
At 31 March 2024 1,872,764 2,031 2,167,502
NET BOOK VALUE
At 31 March 2024 1,617,492 - 3,333,758
At 31 March 2023 1,286,233 - 3,031,998

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 April 2023 667,554
Additions 653,959
Transfer to ownership (81,000 )
At 31 March 2024 1,240,513
DEPRECIATION
At 1 April 2023 204,807
Charge for year 110,355
Transfer to ownership (55,538 )
At 31 March 2024 259,624
NET BOOK VALUE
At 31 March 2024 980,889
At 31 March 2023 462,747

Stearn Farms Limited (Registered number: 00875088)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 250 270 520
NET BOOK VALUE
At 31 March 2024 250 270 520
At 31 March 2023 250 270 520

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 133,032 50,284
Other debtors 115,351 115,351
Directors' current accounts 486,602 347,541
VAT 93,759 55,641
Prepayments 48,726 59,546
877,470 628,363

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 59,058 113,061
Loan from R P Stearn Trust 295,000 295,000
Hire purchase contracts 249,567 141,224
Trade creditors 498,321 542,012
Social security and other taxes - 9,720
Other creditors 22,304 100
Accrued expenses 11,200 11,200
1,135,450 1,112,317

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 52,974 57,704
Bank loans - 2-5 years 26,741 51,811
Bank Loan 18,131 38,344
Hire purchase contracts 258,180 121,070
356,026 268,929

Stearn Farms Limited (Registered number: 00875088)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2024 2023
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank Loan 18,131 38,344

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 156,904 260,920
Hire purchase contracts 507,747 262,294
664,651 523,214

Bank borrowings are secured by a debenture over the company's assets. Net obligations under hire purchase contracts are secured on the assets to which they relate. Mr S J Stearn director has provided as guarantees as security against the bank borrowings.

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 354,800 203,506

Deferred
tax
£   
Balance at 1 April 2023 203,506
Movement in year 151,294
Balance at 31 March 2024 354,800

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
Mr S J Stearn and Mr R R P Stearn
Balance outstanding at start of year 347,541 500,332
Amounts advanced 164,699 98,880
Amounts repaid (25,639 ) (251,671 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 486,601 347,541