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Company Registration number: 05547657

Stoneraise Farming Limited

Annual Report and Unaudited
Financial Statements


for the Year Ended 31 March 2024

 

Stoneraise Farming Limited

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 10

 

Stoneraise Farming Limited

Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

6

618,230

597,593

Other financial assets

7

74,011

51,222

 

692,241

648,815

Current assets

 

Stocks

8

158,735

166,265

Debtors

9

43,219

54,220

Cash at bank and in hand

 

124,569

120,667

 

326,523

341,152

Creditors: Amounts falling due within one year

10

(176,543)

(203,728)

Net current assets

 

149,980

137,424

Total assets less current liabilities

 

842,221

786,239

Creditors: Amounts falling due after more than one year

10

(14,011)

(35,722)

Provisions for liabilities

(70,303)

(52,575)

Net assets

 

757,907

697,942

Capital and reserves

 

Called up share capital

100

100

Retained earnings

757,807

697,842

Shareholders' funds

 

757,907

697,942

 

Stoneraise Farming Limited

Balance Sheet as at 31 March 2024 (continued)

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Company registration number: 05547657

Approved and authorised by the Board on 22 August 2024 and signed on its behalf by:
 

.........................................
Mrs L R Hunter
Company secretary and director

 

Stoneraise Farming Limited

Notes to the financial statements for the Year Ended 31 March 2024

1

GENERAL INFORMATION

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Stoneraise Place
Westward
Wigton
CA7 8LY
 

These financial statements were authorised for issue by the Board on 22 August 2024.

2

ACCOUNTING POLICIES

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

 

Stoneraise Farming Limited

Notes to the financial statements for the Year Ended 31 March 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
 

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Stoneraise Farming Limited

Notes to the financial statements for the Year Ended 31 March 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Motor vehicles

25% reducing balance

Equipment

25% straight line

Herd
The animals comprised in the production herd are valued at cost with replacements valued at the original cost of the animals they replace. Additional animals are valued at cost when transferred to the herd. No depreciation is applied to the herd.

Intangible assets

Intangible assets are initially recorded at cost.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Milk quota

written off over 1 year

Entitlements

50% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
 

 

Stoneraise Farming Limited

Notes to the financial statements for the Year Ended 31 March 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Hire purchase and finance leases

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

 

Stoneraise Farming Limited

Notes to the financial statements for the Year Ended 31 March 2024 (continued)

3

STAFF NUMBERS

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

4

PROFIT BEFORE TAX

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

65,049

57,653

5

INTANGIBLE ASSETS

Milk Quota
£

Entitlements
£

Total
£

Cost or valuation

At 1 April 2023

2,023

53,560

55,583

Disposals

(2,023)

(53,560)

(55,583)

At 31 March 2024

-

-

-

Amortisation

At 1 April 2023

2,023

53,560

55,583

Amortisation eliminated on disposals

(2,023)

(53,560)

(55,583)

At 31 March 2024

-

-

-

Carrying amount

At 31 March 2024

-

-

-

 

Stoneraise Farming Limited

Notes to the financial statements for the Year Ended 31 March 2024 (continued)

6

TANGIBLE ASSETS

Equipment
£

Motor vehicles
 £

Herd
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

2,002

16,175

320,886

592,193

931,256

Additions

-

13,750

6,000

70,727

90,477

Disposals

-

(10,000)

-

(7,000)

(17,000)

At 31 March 2024

2,002

19,925

326,886

655,920

1,004,733

Depreciation

At 1 April 2023

1,774

13,814

-

318,075

333,663

Charge for the year

124

3,305

-

61,620

65,049

Eliminated on disposal

-

(8,257)

-

(3,952)

(12,209)

At 31 March 2024

1,898

8,862

-

375,743

386,503

Carrying amount

At 31 March 2024

104

11,063

326,886

280,177

618,230

At 31 March 2023

228

2,361

320,886

274,118

597,593

 

Stoneraise Farming Limited

Notes to the financial statements for the Year Ended 31 March 2024 (continued)

7

OTHER FINANCIAL ASSETS

Other investments
£

Total
£

Fixed asset investments

Cost or valuation

At 1 April 2023

74,011

74,011

At 31 March 2024

74,011

74,011

Impairment

Carrying amount

At 31 March 2024

74,011

74,011

8

STOCKS

2024
£

2023
£

Stocks

158,735

166,265

9

DEBTORS

Current

2024
£

2023
£

Trade debtors

26,939

33,799

Prepayments

11,531

8,878

Other debtors

4,749

11,543

 

43,219

54,220

 

Stoneraise Farming Limited

Notes to the financial statements for the Year Ended 31 March 2024 (continued)

10

CREDITORS

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

 

Loans and borrowings

21,711

27,333

Trade creditors

 

60,543

99,902

Taxation and social security

 

72,316

57,019

Accruals and deferred income

 

21,972

18,674

Other creditors

 

1

800

 

176,543

203,728


Creditors include bank loans and overdrafts of £NIL (2023 - £NIL) and net obligations under finance lease and hire purchase contracts which are secured of £11,555 (2023 - £17,333).

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

 

Loans and borrowings

14,011

35,722


Creditors include net obligations under finance lease and hire purchase contracts which are secured of £NIL (2023 - £11,555).