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Registered number: 01049596










HEATH FARM PIGS (COLKIRK) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
HEATH FARM PIGS (COLKIRK) LIMITED
 

CONTENTS



Page
Accountants' report
 
 
1
Balance sheet
 
 
2 - 3
Notes to the financial statements
 
 
4 - 7


 
HEATH FARM PIGS (COLKIRK) LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HEATH FARM PIGS (COLKIRK) 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 financial statements of Heath Farm Pigs (Colkirk) Limited for the year ended 31 December 2023 which comprise  the Balance sheet 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 Heath Farm Pigs (Colkirk) Limited, as a body, in accordance with the terms of our engagement letter dated 04 August 2020Our work has been undertaken solely to prepare for your approval the financial statements of Heath Farm Pigs (Colkirk) Limited and state those matters that we have agreed to state to the Board of directors of Heath Farm Pigs (Colkirk) Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Heath Farm Pigs (Colkirk) Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Heath Farm Pigs (Colkirk) Limited 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 Heath Farm Pigs (Colkirk) Limited. You consider that Heath Farm Pigs (Colkirk) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Heath Farm Pigs (Colkirk) 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 financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
26 September 2024
Page 1

 
HEATH FARM PIGS (COLKIRK) LIMITED
REGISTERED NUMBER: 01049596

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
246,294
246,567

  
246,294
246,567

Current assets
  

Stocks
  
-
600

Debtors: amounts falling due within one year
 5 
5,284
8,093

Cash at bank and in hand
  
2,288
1,986

  
7,572
10,679

Creditors: amounts falling due within one year
 6 
(130,174)
(123,857)

Net current liabilities
  
 
 
(122,602)
 
 
(113,178)

Total assets less current liabilities
  
123,692
133,389

  

Net assets
  
123,692
133,389


Capital and reserves
  

Called up share capital 
 7 
2,000
2,000

Revaluation reserve
 8 
130,465
130,465

Profit and loss account
 8 
(8,773)
924

  
123,692
133,389


Page 2

 
HEATH FARM PIGS (COLKIRK) LIMITED
REGISTERED NUMBER: 01049596
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 September 2024.






C H Joice
Director

The notes on pages 4 to 7 form part of these financial statements.

Page 3

 
HEATH FARM PIGS (COLKIRK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The company is a private company limited by shares. It is both incorporated and domiciled in England and Wales. The registered office address and principal place of activity of the company is Heath Farm, Main Dereham Road, Colkirk, Fakenham, Norfolk, NR21 7JF.
The company's principal activity is that of farming.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Turnover

Turnover comprises revenue recognised by the company in respect of arable sales during the year, exclusive of VAT.
Income from the sale of the arable products is recognised once legal title has been passed to the customer.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both the straight line and reducing balance methods.

Depreciation is provided on the following basis:

Property and improvements
-
Not depreciated
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Tractors
-
30% reducing balance
Office equipment
-
33.3% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
HEATH FARM PIGS (COLKIRK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revaluation of tangible fixed assets

The company has elected not to adopt a policy of revaluation of tangible fixed assets. The company will retain the book value of the land and buildings previously revalued on 21 July 1998 and will not update that valuation.

 
2.5

Stocks

Stocks are valued at cost by the director C H Joice.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. 
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and sebsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. 

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 5

 
HEATH FARM PIGS (COLKIRK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Freehold property
Plant & machinery
Motor vehicles & Tractors
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
244,836
22,902
16,135
2,390
286,263



At 31 December 2023

244,836
22,902
16,135
2,390
286,263



Depreciation


At 1 January 2023
-
21,273
16,033
2,390
39,696


Charge for the year on owned assets
-
244
29
-
273



At 31 December 2023

-
21,517
16,062
2,390
39,969



Net book value



At 31 December 2023
244,836
1,385
73
-
246,294



At 31 December 2022
244,836
1,629
102
-
246,567


5.


Debtors

2023
2022
£
£


Trade debtors
2,395
4,872

Other debtors
378
1,036

Prepayments and accrued income
2,511
2,185

5,284
8,093


Page 6

 
HEATH FARM PIGS (COLKIRK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
3,019
4,446

Other creditors
125,140
117,491

Accruals and deferred income
2,015
1,920

130,174
123,857



7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 A Ordinary shares of £1.00 each
1,000
1,000
1,000 B Ordinary shares of £1.00 each
1,000
1,000

2,000

2,000



8.


Reserves

Revaluation reserve

The revaluation reserve is a non distributable reserve which resulted from a historic revaluation of company's tangible fixed assets. The company elected not to revalue its fixed assets on the transition to FRS102.  When a previously revalued assets is subsequently sold an appropriate transfer is made from this reserve.

Profit & loss account

The profit and loss account includes all current and prior period retained undistributed profits and losses.


9.


Related party transactions

At the year end the balance on the joint directors' loan account was £125,140 (2022 - £117,492). This loan is interest free, repayable on demand, and is included within other creditors in note 6 to the financial statements.

Page 7