Registered number
12697482
Hugletts Farm Ltd
Filleted Accounts
31 December 2023
Hugletts Farm Ltd
Registered number: 12697482
Balance Sheet
as at 31 December 2023
Notes 31/12/23 30/6/23
£ £
Fixed assets
Tangible assets 3 411,524 369,129
Current assets
Stocks 7,500 7,500
Debtors 4 7,171 47,727
Cash at bank and in hand 16,801 2,031
31,472 57,258
Creditors: amounts falling due within one year 5 (419,532) (423,885)
Net current liabilities (388,060) (366,627)
Net assets 23,464 2,502
Capital and reserves
Called up share capital 100 100
Profit and loss account 23,364 2,402
Shareholders' funds 23,464 2,502
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
L A Hinckley
Director
Approved by the board on 23 April 2024
Hugletts Farm Ltd
Notes to the Accounts
for the period from 1 July 2023 to 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 31/12/23 30/6/23
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 July 2023 333,133 51,553 384,686
Additions 41,026 6,707 47,733
At 31 December 2023 374,159 58,260 432,419
Depreciation
At 1 July 2023 - 15,557 15,557
Charge for the period - 5,338 5,338
At 31 December 2023 - 20,895 20,895
Net book value
At 31 December 2023 374,159 37,365 411,524
At 30 June 2023 333,133 35,996 369,129
4 Debtors 31/12/23 30/6/23
£ £
Trade debtors 3,505 -
Other debtors 3,666 47,727
7,171 47,727
5 Creditors: amounts falling due within one year 31/12/23 30/6/23
£ £
Trade creditors 1,531 874
Taxation and social security costs 5,554 1,208
Other creditors 412,447 421,803
419,532 423,885
6 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
L A Hinckley
Directors Loan Account (27,580) 3,614 (23,966)
(27,580) 3,614 - (23,966)
7 Related party transactions
Included in other creditors is an amount to the total of £374,159, due to W H Security limited a company under common control.
8 Other information
Hugletts Farm Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Hugletts Farm
Hugletts Lane
Heathfield
East Sussex
TN21 8LS
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