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REGISTRAR OF COMPANIES

Registration number: 09293021

Oldford Farms Limited

Unaudited Financial Statements

31 December 2023

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Oldford Farms Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Oldford Farms Limited
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Oldford Farms Limited for the year ended 31 December 2023 as set out on pages 2 to 12 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 http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Oldford Farms Limited, as a body, in accordance with the terms of our engagement letter dated 8 February 2023. Our work has been undertaken solely to prepare for your approval the accounts of Oldford Farms Limited and state those matters that we have agreed to state to the Board of Directors of Oldford Farms Limited, 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 Oldford Farms Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Oldford Farms Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Oldford Farms Limited. You consider that Oldford Farms Limited 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 accounts of Oldford Farms Limited. 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 accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

30 April 2024

 

Oldford Farms Limited

(Registration number: 09293021)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,622,429

1,460,891

Investments

5

135

135

Other financial assets

6

105,537

88,913

 

1,728,101

1,549,939

Current assets

 

Stocks

780,970

801,600

Debtors

7

705,235

635,662

Cash at bank and in hand

 

-

150,670

 

1,486,205

1,587,932

Creditors: Amounts falling due within one year

8

(882,632)

(861,781)

Net current assets

 

603,573

726,151

Total assets less current liabilities

 

2,331,674

2,276,090

Creditors: Amounts falling due after more than one year

8

(620,712)

(652,406)

Provisions for liabilities

(248,549)

(211,965)

Net assets

 

1,462,413

1,411,719

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Profit and loss account

1,462,313

1,411,619

Total equity

 

1,462,413

1,411,719

 

Oldford Farms Limited

(Registration number: 09293021)
Balance Sheet as at 31 December 2023 (continued)

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 30 April 2024 and signed on its behalf by:
 

.........................................

J D Lovatt

Director

.........................................

J S Furnival

Director

 

Oldford 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 principal place of business is:
New Grange Farm
Seighford
STAFFORD
ST18 9PP

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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.

Government grants

Government grants such as the basic payment scheme are included in the profit and loss account when all the necessary conditions for receipt have been met.

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 income 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.

 

Oldford Farms Limited

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

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.

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

Land and buildings

Straight line to September 2029, straight line to February 2037 and 2% straight line basis

Plant and equipment

15% reducing balance

Motor vehicles

25% reducing balance

Investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

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 the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, 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

Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.

 

Oldford Farms Limited

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Oldford Farms Limited

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

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.

Financial instruments

Classification
Equity shares and debt securities
 Recognition and measurement
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 Impairment
For instruments measured at cost less impairment the impairment is the difference between the assets' carrying amount and the best estimate the entity would receive for the asset if it were sold at the reporting date.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2022 - 12).

 

Oldford Farms Limited

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

4

Tangible assets

Land and buildings
£

Plant and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

618,301

1,350,574

-

1,968,875

Additions

65,657

284,162

16,000

365,819

At 31 December 2023

683,958

1,634,736

16,000

2,334,694

Depreciation

At 1 January 2023

86,546

421,438

-

507,984

Charge for the year

47,204

155,744

1,333

204,281

At 31 December 2023

133,750

577,182

1,333

712,265

Carrying amount

At 31 December 2023

550,208

1,057,554

14,667

1,622,429

At 31 December 2022

531,755

929,136

-

1,460,891

5

Investments

2023
£

2022
£

Investments in joint ventures

95

95

Investments in associates

40

40

135

135

Joint ventures

£

Cost

At 1 January 2023

95

At 31 December 2023

95

Carrying amount

At 31 December 2023

95

At 31 December 2022

95

 

Oldford Farms Limited

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

Associates

£

Cost

At 1 January 2023

40

At 31 December 2023

40

Carrying amount

At 31 December 2023

40

At 31 December 2022

40

6

Other financial assets (current and non-current)

2023
£

2022
£

Non-current financial assets

Financial assets at cost less impairment

105,537

88,913

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 January 2023

88,913

88,913

Additions

16,624

16,624

At 31 December 2023

105,537

105,537

Carrying amount

At 31 December 2023

105,537

105,537

At 31 December 2022

88,913

88,913

7

Debtors

2023
£

2022
£

Trade debtors

116,067

59,213

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

426,626

398,305

Other debtors

162,542

178,144

705,235

635,662

 

Oldford Farms Limited

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

8

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

266,945

314,714

Trade creditors

 

177,875

73,655

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

 

285,703

260,391

Taxation and social security

 

785

745

Corporation tax liability

 

119,468

194,394

Other creditors

 

31,856

17,882

 

882,632

861,781

Due after one year

 

Loans and borrowings

9

620,712

652,406

2023
£

2022
£

After more than five years by instalments

85,336

147,287

85,336

147,287

 

Oldford Farms Limited

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

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

98,235

96,204

Bank overdrafts

45,168

-

Finance lease liabilities

123,542

218,510

266,945

314,714

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Bank borrowings

98,235

96,204

Bank overdrafts

45,168

-

Finance lease liabilities

123,542

218,510

266,945

314,714

Bank borrowings and overdrafts are secured by fixed and floating charges over the company's assets.

Finance lease liabilities are secured on the assets to which they relate.

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

439,312

539,567

Finance lease liabilities

181,400

112,839

620,712

652,406

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Bank borrowings

439,312

539,567

Finance lease liabilities

181,400

112,839

620,712

652,406

Bank borrowings are secured by fixed and floating charges over the company's assets.

Finance lease liabilities are secured on the assets to which they relate.
 

 

Oldford Farms Limited

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

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £2,850,207 (2022 - £1,930,018). The commitment relates to a number of farm business tenancies which will expire in 2025 and 2037.