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REGISTERED NUMBER: 11101807 (England and Wales)






















Unaudited Financial Statements

for the Period

26 February 2023 to 2 March 2024

for

T Hammond Farms Limited

T Hammond Farms Limited (Registered number: 11101807)






Contents of the Financial Statements
for the Period 26 February 2023 to 2 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


T Hammond Farms Limited

Company Information
for the Period 26 February 2023 to 2 March 2024







DIRECTORS: A E Hammond
J W Hammond





SECRETARY: P A Thompson





REGISTERED OFFICE: New Farm
Mansfield Road
Redhill
Nottinghamshire
NG5 8PB





REGISTERED NUMBER: 11101807 (England and Wales)





ACCOUNTANTS: Wright Vigar Limited
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG

T Hammond Farms Limited (Registered number: 11101807)

Balance Sheet
2 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 48,345 55,597
Tangible assets 5 2,089,531 1,980,848
Investments 6 - 150
2,137,876 2,036,595

CURRENT ASSETS
Stocks 7 438,734 579,568
Debtors 8 646,355 720,699
Cash at bank 1,100,468 541,523
2,185,557 1,841,790
CREDITORS
Amounts falling due within one year 9 880,119 851,995
NET CURRENT ASSETS 1,305,438 989,795
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,443,314

3,026,390

CREDITORS
Amounts falling due after more than one
year

10

(448,518

)

(435,631

)

PROVISIONS FOR LIABILITIES 14 (296,507 ) (143,655 )
NET ASSETS 2,698,289 2,447,104

CAPITAL AND RESERVES
Called up share capital 15 2,116,160 2,116,160
Capital redemption reserve 16 54,000 54,000
Retained earnings 16 528,129 276,944
2,698,289 2,447,104

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 2 March 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 2 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.

T Hammond Farms Limited (Registered number: 11101807)

Balance Sheet - continued
2 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 17 September 2024 and were signed on its behalf by:





A E Hammond - Director


T Hammond Farms Limited (Registered number: 11101807)

Notes to the Financial Statements
for the Period 26 February 2023 to 2 March 2024

1. STATUTORY INFORMATION

T Hammond 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable for crops sold and other work carried out for customers, excluding discounts, rebates, value added tax and other sales taxes. Single farm payments received and receivable are accounted for evenly over an assumed 12-month growing year commencing 1 April in each year.

Goodwill
Goodwill arising on the transfer of the assets less liabilities of the predecessor partnership is being written off on a straight-line basis over a period of 10 years from 27 October 2020.

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 finance lease, over the lease term, whichever is the shorter.

Leasehold improvements- Straight line over 10 years
Plant and machinery- Straight line over 5-10 years
Vehicles and trailers- Straight line over 2-10 years
Computer equipment- Straight line over 5-10 years

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

Stocks
Stocks are valued at the lower of cost (including the cost of inputs to growing crops) and net realisable value, after making due allowance to write down items that cannot be sold or used by the company within a reasonable period of time.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Taxation
Taxation for the period 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 and 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.


T Hammond Farms Limited (Registered number: 11101807)

Notes to the Financial Statements - continued
for the Period 26 February 2023 to 2 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 period 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 held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their capital cost, excluding any interest and finance charges, and depreciated in accordance with the company's depreciation policies. The capital element of the future hire purchase payments is treated as a liability and interest is charged to the income statement on a reducing balance basis over the period of the agreement.

Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. The asset is capitalised and disclosed under tangible fixed assets at its capital cost, excluding any interest and finance charges, and depreciated in accordance with the company's depreciation policies. Future instalments under the lease agreement, excluding finance charges, are treated as a liability and interest is charged to the income statement on a reducing balance basis over the period of the agreement.

Rentals paid under operating leases, where substantially all the risks and rewards of ownership remain with the lessor, are charged against profits on a straight-line basis over the period of the lease.

Pension costs
The company operates a defined contribution pension scheme. Contributions payable by the company to the scheme are charged to the income statement in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 12 (2023 - 13 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 26 February 2023
and 2 March 2024 72,518
AMORTISATION
At 26 February 2023 16,921
Charge for period 7,252
At 2 March 2024 24,173
NET BOOK VALUE
At 2 March 2024 48,345
At 25 February 2023 55,597

T Hammond Farms Limited (Registered number: 11101807)

Notes to the Financial Statements - continued
for the Period 26 February 2023 to 2 March 2024

5. TANGIBLE FIXED ASSETS
Vehicles
Leasehold Plant and and Computer
improvements machinery trailers equipment Totals
£    £    £    £    £   
COST
At 26 February 2023 231,017 2,233,691 412,213 93,292 2,970,213
Additions - 257,544 228,216 2,000 487,760
Disposals - (23,095 ) (34,250 ) - (57,345 )
At 2 March 2024 231,017 2,468,140 606,179 95,292 3,400,628
DEPRECIATION
At 26 February 2023 63,831 768,714 133,606 23,214 989,365
Charge for period 23,459 245,318 61,015 17,130 346,922
Eliminated on disposal - (10,819 ) (14,371 ) - (25,190 )
At 2 March 2024 87,290 1,003,213 180,250 40,344 1,311,097
NET BOOK VALUE
At 2 March 2024 143,727 1,464,927 425,929 54,948 2,089,531
At 25 February 2023 167,186 1,464,977 278,607 70,078 1,980,848


6. FIXED ASSET INVESTMENTS

Subsidiary company Total
£ £
At 26 February 2023 150 150
Additions - -
Disposals 150 150
At 2 March 2024 - -

7. STOCKS
2024 2023
£    £   
Growing crops 219,498 346,156
Seeds, plants, chemicals and fertilisers 197,848 210,860
Fuels and sundry stocks 21,388 22,552
438,734 579,568

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 430,323 472,215
Other debtors 8,438 16,875
VAT 39,692 41,464
Prepayments and accrued income 167,902 190,145
646,355 720,699

T Hammond Farms Limited (Registered number: 11101807)

Notes to the Financial Statements - continued
for the Period 26 February 2023 to 2 March 2024

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other loans (see note 11) 41,224 80,547
Hire purchase contracts (see note 12) 149,647 88,147
Trade creditors 441,739 492,822
Amounts owed to group undertakings - 150
Social security and other taxes 11,258 8,281
Final dividend declared 2,000 -
Other creditors 29,177 29,521
Accruals and deferred income 205,074 152,527
880,119 851,995

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Other loans (see note 11) - 22,985
Hire purchase contracts (see note 12) 220,273 133,923
Accruals and deferred income 228,245 278,723
448,518 435,631

11. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Other loans 41,224 80,547

Amounts falling due between two and five years:
Other loans - 2-5 years - 22,985

12. LEASING AGREEMENTS

Minimum lease payments under contracts and leasing agreements fall due as follows:

2024 2023
£ £
Net obligations repayable:
Within one year 149,647 88,147
Between one and five years 220,273 133,923
369,920 222,070

13. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 369,920 222,070

Obligations under hire purchase contracts are secured against the assets to which they relate.

T Hammond Farms Limited (Registered number: 11101807)

Notes to the Financial Statements - continued
for the Period 26 February 2023 to 2 March 2024

14. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 296,507 143,655

Deferred
tax
£   
Balance at 26 February 2023 143,655
Provided during period 152,852
Balance at 2 March 2024 296,507

15. CALLED UP SHARE CAPITAL

Allotted , issued and fully paid:

Number:

Class:

Nominal value:


2024


2023
£ £
76,000 AA Ordinary shares £1 76,000 76,000
76,000 AB Ordinary shares £1 76,000 76,000
360 B Ordinary shares £1 360 360
360 C Ordinary shares £1 360 360
360 D Ordinary shares £1 360 360
360 E Ordinary shares £1 360 360
240 F Ordinary shares £1 240 240
240 G Ordinary shares £1 240 240
240 H Ordinary shares £1 240 240
981,000 A Preference shares £1 981,000 981,000
981,000 B Preference shares £1 981,000 981,000
2,116,160 2,116,160


Since the financial year-end, the company has redeemed at par 42,000 A Preference shares of £1 each and 42,000 B Preference shares of £1 each.

16. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 26 February 2023 276,944 54,000 330,944
Profit for the period 253,185 253,185
Dividends (2,000 ) (2,000 )
At 2 March 2024 528,129 54,000 582,129