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Registration number: 02924753

Paradise Farms Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Paradise Farms Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Paradise Farms Limited

Company Information

Directors

O A Burge

L Whitford

H L Lakin

Company secretary

L Whitford

Registered office

The Courtyard Holt Lodge Farm
Horton
Wimborne
Dorset
BH21 7JN

Accountants

Manningtons
8 High Street
High Street
Heathfield
East Sussex
TN21 8LS

 

Paradise Farms Limited

(Registration number: 02924753)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

14,580,061

14,226,548

Investment property

5

5,241,499

5,236,784

Other financial assets

6

228,110

228,110

 

20,049,670

19,691,442

Current assets

 

Stocks

7

162,550

127,670

Debtors

8

614,349

789,275

Cash at bank and in hand

 

5,000

5,005

 

781,899

921,950

Creditors: Amounts falling due within one year

9

(17,156,412)

(16,874,654)

Net current liabilities

 

(16,374,513)

(15,952,704)

Net assets

 

3,675,157

3,738,738

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

3,663,508

3,663,508

Retained earnings

11,549

75,130

Shareholders' funds

 

3,675,157

3,738,738

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 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.

Approved and authorised by the Board on 27 August 2024 and signed on its behalf by:
 

 

Paradise Farms Limited

(Registration number: 02924753)
Balance Sheet as at 31 December 2023

.........................................
O A Burge
Director

 

Paradise Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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:
The Courtyard Holt Lodge Farm
Horton
Wimborne
Dorset
BH21 7JN
England

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 presentation currency of the financial statements is the Pound Sterling (£).

Going concern

The company has the support of its shareholders who have confirmed that they will not withdraw their support for the company and will introduce additional finance as and when necessary

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable from farming, including grants and rental income. Turnover is shown net of 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.

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.

 

Paradise Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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

Farm Machinery and office furniture

20% or 25% reducing balance

Holiday rental equipment

15 years straight line

Electricity generating equipment

10% straight line

Investment property

Investment property comprises freehold and leasehold buildings. They are measured initially at cost, including related transaction costs. These are held as investments to earn rental income and for capital appreciation and are stated at fair value at the balance sheet date.

The fair value of investment property reflects, among other things, rental income from current leases and assumptions about rental income from future leases in light of the current market conditions.

Subsequent expenditure is added to assets carrying amount only when it is probable that future economic benefits associated with the item will flow to the company and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to the profit and loss account during the financial period in which they are incurred.

Any movement in the fair value of the properties is reflected within the profit and loss account for the year.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Paradise Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Paradise Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

13,883,445

249,425

323,570

14,456,440

Additions

323,447

20,236

88,339

432,022

Disposals

-

-

(127)

(127)

At 31 December 2023

14,206,892

269,661

411,782

14,888,335

Depreciation

At 1 January 2023

-

123,239

106,653

229,892

Charge for the year

-

22,549

55,833

78,382

At 31 December 2023

-

145,788

162,486

308,274

Carrying amount

At 31 December 2023

14,206,892

123,873

249,296

14,580,061

At 31 December 2022

13,883,445

126,186

216,917

14,226,548

Included within the net book value of land and buildings above is £14,206,892 (2022 - £13,883,445) in respect of freehold land and buildings.
 

5

Investment properties

2023
£

At 1 January

5,236,784

Additions

4,715

At 31 December

5,241,499

Fair value has been provided by the board of directors, there has been no valuation of investment property by an independent valuer.

 

Paradise Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 January 2023

228,110

228,110

At 31 December 2023

228,110

228,110

Impairment

Carrying amount

At 31 December 2023

228,110

228,110

7

Stocks

2023
£

2022
£

Other inventories

162,550

127,670

8

Debtors

Note

2023
£

2022
£

Trade debtors

 

4,333

39,327

Amounts owed by group undertakings and undertakings in which the company has a participating interest

11

321,054

247,784

Taxation and social security

 

37,586

47,427

Prepayments

 

9,641

-

Other debtors

 

215,722

453,724

Director loan account

 

26,013

1,013

 

614,349

789,275

 

Paradise Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

58,886

65,376

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

17,089,584

16,805,215

Taxation and social security

 

4,442

772

Accruals and deferred income

 

3,200

3,125

Other creditors

 

300

166

 

17,156,412

16,874,654

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of guarantees not included in the balance sheet is £14,000,000 (2022 - £14,000,000). Paradise Farms Limited has provided a guarantee to HSBC Private Bank (UK) Limited in respect of Borrowings of Marchmont Farms Limited

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

26,250

25,000

Summary of transactions with subsidiaries

The Company has taken advantage of exemption under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party Transactions or balance with wholly owned subsidiaries within the group.