Company registration number 01442752 (England and Wales)
NONINGTON FARMS LTD
Unaudited Financial Statements
For The Year Ended 30 September 2023
Pages For Filing With Registrar
Nonington Farms Ltd
NONINGTON FARMS LTD
Contents
Page
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 9
Nonington Farms Ltd
NONINGTON FARMS LTD
Accountants' Report To The Board Of Directors On The Preparation Of The Unaudited Statutory Financial Statements Of Nonington Farms Ltd For The Year Ended 30 September 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Nonington Farms Ltd for the year ended 30 September 2023 which comprise, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Nonington Farms Ltd, as a body, in accordance with the terms of our engagement letter dated 17 September 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Nonington Farms Ltd and state those matters that we have agreed to state to the board of directors of Nonington Farms Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Nonington Farms Ltd and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Nonington Farms Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Nonington Farms Ltd. You consider that Nonington Farms Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Nonington Farms Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Chavereys Limited
24 September 2024
Chartered Accountants
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
Nonington Farms Ltd
NONINGTON FARMS LTD
Balance Sheet
As At 30 September 2023
30 September 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
66,666
133,333
Tangible assets
4
2,675,022
2,272,458
Investments
5
285
285
2,741,973
2,406,076
Current assets
Stocks
181,385
210,194
Debtors
6
612,063
1,023,506
Cash at bank and in hand
72,941
8,438
866,389
1,242,138
Creditors: amounts falling due within one year
7
(582,766)
(628,179)
Net current assets
283,623
613,959
Total assets less current liabilities
3,025,596
3,020,035
Creditors: amounts falling due after more than one year
8
(952,399)
(836,857)
Provisions for liabilities
(322,201)
(304,075)
Net assets
1,750,996
1,879,103
Capital and reserves
Called up share capital
53,528
53,528
Share premium account
90,000
90,000
Profit and loss reserves
1,607,468
1,735,575
Total equity
1,750,996
1,879,103

The notes on pages 5 to 9 form part of these financial statements.

For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Nonington Farms Ltd
NONINGTON FARMS LTD
Balance Sheet (Continued)
As At 30 September 2023
30 September 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 24 September 2024 and are signed on its behalf by:
J R Loder-Symonds
Mrs E R Loder-Symonds
Director
Director
Company Registration No. 01442752
Nonington Farms Ltd
NONINGTON FARMS LTD
Statement Of Changes In Equity
For The Year Ended 30 September 2023
- 4 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 October 2021
53,528
90,000
1,560,505
1,704,033
Year ended 30 September 2022:
Profit and total comprehensive income for the year
-
-
287,091
287,091
Dividends
-
-
(112,021)
(112,021)
Balance at 30 September 2022
53,528
90,000
1,735,575
1,879,103
Year ended 30 September 2023:
Loss and total comprehensive income for the year
-
-
(16,086)
(16,086)
Dividends
-
-
(112,021)
(112,021)
Balance at 30 September 2023
53,528
90,000
1,607,468
1,750,996

The notes on pages 5 to 9 form part of these financial statements.

Nonington Farms Ltd
NONINGTON FARMS LTD
Notes To The Financial Statements
For The Year Ended 30 September 2023
- 5 -
1
Accounting policies
Company information

Nonington Farms Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Hazelbank, The Street, Goodnestone, Canterbury, Kent, England, CT3 1PG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 

1.3
Intangible fixed assets - goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities.

 

Investments held as fixed assets are held at cost less provision for impairment.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings
5 - 20 years straight line
Plant and machinery
10 - 15% reducing balance or 10% straight line
Motor vehicles
10% reducing balance
Tractors and combines
10 - 15% reducing balance

Freehold land is not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

Nonington Farms Ltd
NONINGTON FARMS LTD
Notes To The Financial Statements (Continued)
For The Year Ended 30 September 2023
1
Accounting policies
(Continued)
- 6 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Retirement benefits

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

 

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

1.8
Leases

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

1.9
Government grants

Payments received under agricultural support schemes are recognised as income when the business has met all criteria which entitle it to the payments.

 

Amounts received under the Basic Payment scheme are recognised on 31 December in the year of claim. No provision has been made for the penalties arising from the failure to comply with ‘cross compliance’ conditions, as defined by the RPA, except for where notification has been received.

Nonington Farms Ltd
NONINGTON FARMS LTD
Notes To The Financial Statements (Continued)
For The Year Ended 30 September 2023
- 7 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
6
6
3
Intangible fixed assets
Goodwill
£
Cost
At 1 October 2022 and 30 September 2023
250,000
Amortisation and impairment
At 1 October 2022
116,667
Amortisation charged for the year
66,667
At 30 September 2023
183,334
Carrying amount
At 30 September 2023
66,666
At 30 September 2022
133,333
4
Tangible fixed assets
Land and buildings
Plant and machinery
Motor vehicles
Tractors and combines
Total
£
£
£
£
£
Cost
At 1 October 2022
1,451,598
667,374
54,952
1,088,749
3,262,673
Additions
313,218
223,496
-
0
87,387
624,101
Disposals
(14,473)
(61,760)
-
0
-
(76,233)
At 30 September 2023
1,750,343
829,110
54,952
1,176,136
3,810,541
Depreciation and impairment
At 1 October 2022
200,552
439,185
21,054
329,424
990,215
Depreciation charged in the year
45,777
36,664
3,390
105,293
191,124
Eliminated in respect of disposals
(206)
(45,614)
-
0
-
(45,820)
At 30 September 2023
246,123
430,235
24,444
434,717
1,135,519
Carrying amount
At 30 September 2023
1,504,220
398,875
30,508
741,419
2,675,022
At 30 September 2022
1,251,046
228,189
33,898
759,325
2,272,458
Nonington Farms Ltd
NONINGTON FARMS LTD
Notes To The Financial Statements (Continued)
For The Year Ended 30 September 2023
- 8 -
5
Fixed asset investments
2023
2022
£
£
BPS entitlements
285
285
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
74,683
143,049
Other debtors
173,371
88,800
Prepayments and accrued income
364,009
791,657
612,063
1,023,506
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
62,945
334,065
Obligations under finance leases
118,798
112,928
Trade creditors
386,370
72,474
Corporation tax
-
0
62,508
Other creditors
4,726
6,059
Accruals and deferred income
9,927
40,145
582,766
628,179
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
781,649
596,480
Obligations under finance leases
170,750
240,377
952,399
836,857
Amounts included above which fall due after five years are as follows:
Payable by instalments
46,744
51,947
Payable other than by instalments
220,000
220,000
266,744
271,947
Nonington Farms Ltd
NONINGTON FARMS LTD
Notes To The Financial Statements (Continued)
For The Year Ended 30 September 2023
- 9 -
9
Pension commitments

The company operates defined contributions pensions schemes. The assets of the schemes are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company to the funds and amounted to £1,322 (2022 - £1,657). Contributions totalling £NIL (2022 - £NIL) were payable to the fund at the balance sheet date and are included in creditors.

10
Deferred taxation

The provision for deferred taxation is made up as follows:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
354,971
304,075
Tax losses
(32,770)
-
322,201
304,075
2023
Movements in the year:
£
Liability at 1 October 2022
304,075
Charge to profit or loss
18,126
Liability at 30 September 2023
322,201
11
Related party transactions

Mr J R and Mrs E R Loder-Symonds are directors of Nonington Farms Limited. During the year the company loaned £124,982 to the directors, and the directors repaid £121,101. At 30 September 2023 the company was owed £109,016 (2022: £105,135) by the directors.

12
Controlling party

The company is controlled by its directors.

2023-09-302022-10-01false24 September 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityJ R Loder-SymondsMrs E R Loder-Symondsfalsefalse014427522022-10-012023-09-30014427522023-09-30014427522022-09-3001442752core:NetGoodwill2023-09-3001442752core:NetGoodwill2022-09-3001442752core:LandBuildingscore:OwnedOrFreeholdAssets2023-09-3001442752core:PlantMachinery2023-09-3001442752core:MotorVehicles2023-09-3001442752core:Non-standardPPEClass3ComponentTotalPropertyPlantEquipment2023-09-3001442752core:LandBuildingscore:OwnedOrFreeholdAssets2022-09-3001442752core:PlantMachinery2022-09-3001442752core:MotorVehicles2022-09-3001442752core:Non-standardPPEClass3ComponentTotalPropertyPlantEquipment2022-09-3001442752core:CurrentFinancialInstrumentscore:WithinOneYear2023-09-3001442752core:CurrentFinancialInstrumentscore:WithinOneYear2022-09-3001442752core:Non-currentFinancialInstrumentscore:AfterOneYear2023-09-3001442752core:Non-currentFinancialInstrumentscore:AfterOneYear2022-09-3001442752core:CurrentFinancialInstruments2023-09-3001442752core:CurrentFinancialInstruments2022-09-3001442752core:ShareCapital2023-09-3001442752core:ShareCapital2022-09-3001442752core:SharePremium2023-09-3001442752core:SharePremium2022-09-3001442752core:RetainedEarningsAccumulatedLosses2023-09-3001442752core:RetainedEarningsAccumulatedLosses2022-09-3001442752core:ShareCapital2021-09-3001442752core:SharePremium2021-09-3001442752core:RetainedEarningsAccumulatedLosses2021-09-3001442752bus:Director12022-10-012023-09-3001442752bus:Director22022-10-012023-09-3001442752core:RetainedEarningsAccumulatedLosses2021-10-012022-09-30014427522021-10-012022-09-3001442752core:RetainedEarningsAccumulatedLosses2022-10-012023-09-3001442752core:Goodwill2022-10-012023-09-3001442752core:LandBuildingscore:OwnedOrFreeholdAssets2022-10-012023-09-3001442752core:PlantMachinery2022-10-012023-09-3001442752core:MotorVehicles2022-10-012023-09-3001442752core:Non-standardPPEClass3ComponentTotalPropertyPlantEquipment2022-10-012023-09-3001442752core:NetGoodwill2022-09-3001442752core:NetGoodwill2022-10-012023-09-3001442752core:LandBuildingscore:OwnedOrFreeholdAssets2022-09-3001442752core:PlantMachinery2022-09-3001442752core:MotorVehicles2022-09-3001442752core:Non-standardPPEClass3ComponentTotalPropertyPlantEquipment2022-09-30014427522022-09-3001442752core:Non-currentFinancialInstruments2023-09-3001442752core:Non-currentFinancialInstruments2022-09-3001442752core:KeyManagementPersonnel2022-10-012023-09-3001442752core:KeyManagementPersonnel2023-09-3001442752core:KeyManagementPersonnel2022-09-3001442752bus:PrivateLimitedCompanyLtd2022-10-012023-09-3001442752bus:SmallCompaniesRegimeForAccounts2022-10-012023-09-3001442752bus:FRS1022022-10-012023-09-3001442752bus:AuditExemptWithAccountantsReport2022-10-012023-09-3001442752bus:FullAccounts2022-10-012023-09-30xbrli:purexbrli:sharesiso4217:GBP