Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Dr Adair George Wilmot Williams 21/01/2021 Pollyann Sarah Williams 21/01/2021 Raymond Audley Edward Wilmot Williams 21/01/2021 21 August 2024 The principal activity of the Company during the financial period was farming. 13148800 2023-12-31 13148800 bus:Director1 2023-12-31 13148800 bus:Director2 2023-12-31 13148800 bus:Director3 2023-12-31 13148800 2022-12-31 13148800 core:CurrentFinancialInstruments 2023-12-31 13148800 core:CurrentFinancialInstruments 2022-12-31 13148800 core:Non-currentFinancialInstruments 2023-12-31 13148800 core:Non-currentFinancialInstruments 2022-12-31 13148800 core:ShareCapital 2023-12-31 13148800 core:ShareCapital 2022-12-31 13148800 core:RetainedEarningsAccumulatedLosses 2023-12-31 13148800 core:RetainedEarningsAccumulatedLosses 2022-12-31 13148800 core:Non-standardIntangibleAssetClass3ComponentIntangibleAssetsOtherThanGoodwill 2022-12-31 13148800 core:Non-standardIntangibleAssetClass3ComponentIntangibleAssetsOtherThanGoodwill 2023-12-31 13148800 core:LeaseholdImprovements 2022-12-31 13148800 core:PlantMachinery 2022-12-31 13148800 core:Vehicles 2022-12-31 13148800 core:LeaseholdImprovements 2023-12-31 13148800 core:PlantMachinery 2023-12-31 13148800 core:Vehicles 2023-12-31 13148800 core:CostValuation 2022-12-31 13148800 core:CostValuation 2023-12-31 13148800 6 2023-12-31 13148800 6 2022-12-31 13148800 2023-01-01 2023-12-31 13148800 bus:FilletedAccounts 2023-01-01 2023-12-31 13148800 bus:SmallEntities 2023-01-01 2023-12-31 13148800 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 13148800 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13148800 bus:Director1 2023-01-01 2023-12-31 13148800 bus:Director2 2023-01-01 2023-12-31 13148800 bus:Director3 2023-01-01 2023-12-31 13148800 core:Non-standardIntangibleAssetClass3ComponentIntangibleAssetsOtherThanGoodwill core:TopRangeValue 2023-01-01 2023-12-31 13148800 core:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 13148800 core:LeaseholdImprovements 2023-01-01 2023-12-31 13148800 core:PlantMachinery 2023-01-01 2023-12-31 13148800 core:Vehicles core:BottomRangeValue 2023-01-01 2023-12-31 13148800 core:Vehicles core:TopRangeValue 2023-01-01 2023-12-31 13148800 core:Vehicles 2023-01-01 2023-12-31 13148800 2022-01-01 2022-12-31 13148800 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Company No: 13148800 (England and Wales)

HERRINGSTON FARMS LTD

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

HERRINGSTON FARMS LTD

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

HERRINGSTON FARMS LTD

BALANCE SHEET

As at 31 December 2023
HERRINGSTON FARMS LTD

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 222,520 266,153
Investments 5 16,402 16,402
238,922 282,555
Current assets
Stocks 6 206,747 174,202
Debtors 7 47,581 75,421
Cash at bank and in hand 264,128 223,632
518,456 473,255
Creditors: amounts falling due within one year 8 ( 447,561) ( 449,475)
Net current assets 70,895 23,780
Total assets less current liabilities 309,817 306,335
Creditors: amounts falling due after more than one year 9 ( 100,000) ( 100,000)
Net assets 209,817 206,335
Capital and reserves
Called-up share capital 120 120
Profit and loss account 209,697 206,215
Total shareholder's funds 209,817 206,335

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Herringston Farms Ltd (registered number: 13148800) were approved and authorised for issue by the Board of Directors on 21 August 2024. They were signed on its behalf by:

Dr Adair George Wilmot Williams
Director
Raymond Audley Edward Wilmot Williams
Director
HERRINGSTON FARMS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
HERRINGSTON FARMS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Herringston Farms Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group, of which this is the subsidiary, qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of livestock and crops, the generation and export of electricity, grain storage management income and the receipt of government grants. Turnover is shown net of VAT and is recognised at the point of dispatch for the sale of livestock and crops, when electricity is generated and in the period to which the government grant and grain store management relates.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Other operating income

Other operating income relates to rents receivable, release of deferred BPS entitlements income, miscellaneous income and woodland income and are recognised on an accrual basis.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Entitlements 1.58 years straight line
Other intangible assets

Basic payment scheme (BPS) entitlements are initially recognised at cost. Cost for originally granted BPS entitlements, is the fair value on transition to FRS102 and has been recognised through a debit to intangible assets and a credit to deferred income. Both purchased and granted entitlements are subsequently measured at cost less accumulated amortisation and impairment losses. For granted BPS, deferred income is released to the profit and loss as other operating income at the same rate at which the intangible asset is amortised.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 10 % reducing balance
Plant and machinery 20 % reducing balance
Vehicles 7 - 15 years straight line
15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Biological assets

The company owned a beef herd. In accordance with FRS102 Section 1A, these are defined as biological assets.

The company measures biological assets at cost less accumulated depreciation and accumulated impairment losses as follows:

Biological non-current assets:

Biological assets held for continuing use within the business are classified as fixed assets. Such assets are measured at cost less accumulated depreciation and impairment. Assets within the classification comprise the beef herd. Depreciation is charged so as to write off the cost of assets, less their estimated selling price less costs to sale, over their estimated useful economic life as follows:

Beef Herd - Previously depreciated to cull value over useful life of 5 years on a straight line basis, however no longer depreciated as not material to the accounts.

Biological current assets:

Biological assets not held for continuing use within the business are classified as current assets. Such assets are measured at cost less accumulated impairment. Assets within this classification comprise tillages. These are shown within stock.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment. The investments include shares in a closed unlisted company.

Stocks

Stocks comprising agricultural produce (i.e crops in store) and other stocks such as feed, fertiliser and fuel are stated at the lower of cost and estimated selling price less costs to complete and sell. Agricultural produce (i.e. crops in store) harvested from biological assets are measured at the point of harvest. Tillages (i.e. growing crops) are current biological assets included within stock and held at the lower of cost or net realisable value.

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.

Trade and other debtors

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business. Other debtors are made up of accrued income, VAT, prepayments, and miscellaneous debtors for good or services performed in the ordinary course of business.

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Other creditors include accruals, directors' loan accounts, BPS entitlements, miscellaneous creditors, amounts owed by group companies and other deferred grant income.

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. 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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Reserves

Called up share capital represents the nominal value of shares that have been issued.

Profit and loss account includes all current and prior period profits and losses.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 6

3. Intangible assets

Entitlements Total
£ £
Cost
At 01 January 2023 23,259 23,259
At 31 December 2023 23,259 23,259
Accumulated amortisation
At 01 January 2023 23,259 23,259
At 31 December 2023 23,259 23,259
Net book value
At 31 December 2023 0 0
At 31 December 2022 0 0

The amortisation charge for the year is recognised within depreciation in the profit and loss. Deferred income has been released to the profit and loss and is recognised as other operating income. The net effect in the profit and loss for the year is £Nil.

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 January 2023 62,606 184,583 67,510 314,699
Additions 16,439 0 0 16,439
Disposals 0 ( 16,595) 0 ( 16,595)
At 31 December 2023 79,045 167,988 67,510 314,543
Accumulated depreciation
At 01 January 2023 267 23,674 24,605 48,546
Charge for the financial year 6,478 31,515 11,822 49,815
Disposals 0 ( 6,338) 0 ( 6,338)
At 31 December 2023 6,745 48,851 36,427 92,023
Net book value
At 31 December 2023 72,300 119,137 31,083 222,520
At 31 December 2022 62,339 160,909 42,905 266,153

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 January 2023 16,402 16,402
At 31 December 2023 16,402 16,402
Carrying value at 31 December 2023 16,402 16,402
Carrying value at 31 December 2022 16,402 16,402

Other investments comprise unlisted shares held and is measured at cost less impairment.

6. Stocks

2023 2022
£ £
Crops 117,597 83,726
Other stock 89,150 90,476
206,747 174,202

Included within crops is £36,513 (2022: £22,674) worth of current biological assets being tillages. The carrying amount of the current biological assets at 31 December 2023 is £36,513 (2022: £22,674).

7. Debtors

2023 2022
£ £
Trade debtors 35,725 14,958
Prepayments and accrued income 5,247 6,240
VAT recoverable 0 47,614
Corporation tax 6,609 6,609
47,581 75,421

8. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 13,147 31,682
Amounts owed to Group undertakings 387,041 355,242
Taxation and social security 24,551 3,065
Other creditors 22,822 59,486
447,561 449,475

9. Creditors: amounts falling due after more than one year

2023 2022
£ £
Other creditors 100,000 100,000

There are no amounts included above in respect of which any security has been given by the small entity.

10. Related party transactions

Transactions with owners holding a participating interest in the entity

2023 2022
£ £
Rent paid to parent company 60,725 60,725

Rent charged per farm business tenancy.

Transactions with the entity's directors

11. Ultimate controlling party

Parent Company:

Herringston Estates Company Limited
Goodwood House, Blackbrook Park Avenue, Taunton, Somerset, TA1 2PX, United Kingdom