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REGISTERED NUMBER: 06925357 (England and Wales)
















Financial Statements for the Year Ended 31 December 2023

for

South Farm Limited

South Farm Limited (Registered number: 06925357)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 3


South Farm Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: P Paxman
J Paxman
Ms C S Lyon





REGISTERED OFFICE: Lake House
Market Hill
Royston
Hertfordshire
SG8 9JN





REGISTERED NUMBER: 06925357 (England and Wales)





AUDITORS: HB Accountants
Plumpton House
Plumpton Road
Hoddesdon
Hertfordshire
EN11 0LB

South Farm Limited (Registered number: 06925357)

Abridged Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,209,709 3,180,468
Investments 5 673,401 671,979
3,883,110 3,852,447

CURRENT ASSETS
Stocks 43,499 42,544
Debtors 100,467 167,696
Cash at bank and in hand 1,705,383 1,854,254
1,849,349 2,064,494
CREDITORS
Amounts falling due within one year 911,077 1,246,110
NET CURRENT ASSETS 938,272 818,384
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,821,382

4,670,831

PROVISIONS FOR LIABILITIES 56,087 71,369
NET ASSETS 4,765,295 4,599,462

CAPITAL AND RESERVES
Called up share capital 6 100 100
Retained earnings 4,765,195 4,599,362
SHAREHOLDERS' FUNDS 4,765,295 4,599,462

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2024 and were signed on its behalf by:





J Paxman - Director


South Farm Limited (Registered number: 06925357)

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

1. STATUTORY INFORMATION

South Farm Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents the aggregate amount of revenue (net of VAT) from functions, venue hire and other services supplied to customers in the ordinary course of business.

For weddings and other functions, customers are charged an initial booking fee at the time of booking their wedding or event; an interim fee for approximately half of the balance nine months ahead of the event and the balance is invoiced one month before the event.

To match the income as accurately as possible to the ongoing services provided, (both on the day of the event and throughout the booking period) income is recognised on the following basis:

- The booking fee is recognised in full when invoiced;
- 50% of the interim fee is recognised when invoiced;
- The balance is recognised on the date of the event.

Other revenues are recognised as earned.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Straight line over 20 years
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance

Freehold land is not depreciated. Freehold buildings are depreciated to their estimated residual values over periods up to 50 years. There is no depreciable amount if residual value is the same as, or exceeds, book value.

Freehold property improvements are depreciated to their estimated residual values over periods of up to 20 years, or the expected useful life of the asset, if shorter.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

South Farm Limited (Registered number: 06925357)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors and loans that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Equity instruments
Equity instruments issued by the company are recorded at proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

South Farm Limited (Registered number: 06925357)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Grants
Grants are recognised in the financial statements using the accruals model. Grants that are received in respect of expenses or losses already incurred by the entity are recognised in profit and loss in the period when the grant becomes receivable.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 83 (2022 - 84 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2023 4,604,843
Additions 142,560
At 31 December 2023 4,747,403
DEPRECIATION
At 1 January 2023 1,424,375
Charge for year 113,319
At 31 December 2023 1,537,694
NET BOOK VALUE
At 31 December 2023 3,209,709
At 31 December 2022 3,180,468

5. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST OR VALUATION
At 1 January 2023 671,979
Additions 35,229
Revaluations (33,807 )
At 31 December 2023 673,401
NET BOOK VALUE
At 31 December 2023 673,401
At 31 December 2022 671,979

South Farm Limited (Registered number: 06925357)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 31 December 2023 is represented by:
Totals
£   
Valuation in 2022 10,965
Valuation in 2022 3,353
Valuation in 2023 (33,807 )
Cost 692,890
673,401

6. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
10 Ordinary 'A' 1 10 10
100 Ordinary 1 90 90
100 100

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Keith Grover (Senior Statutory Auditor)
for and on behalf of HB Accountants


HB Accountants
Chartered Accountants and Statutory Auditor

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 31 December 2023 and the period ended 31 December 2022:

31.12.23 31.12.22
£    £   
P Paxman
Balance outstanding at start of year 3,621 (2,051 )
Amounts advanced 6,191 13,172
Amounts repaid (20,145 ) (7,500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (10,333 ) 3,621

Ms C S Lyon
Balance outstanding at start of year 25,400 (68,651 )
Amounts advanced 68,428 124,051
Amounts repaid (92,485 ) (30,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,343 25,400

South Farm Limited (Registered number: 06925357)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

J Paxman
Balance outstanding at start of year 25,608 (57,667 )
Amounts advanced 36,000 113,275
Amounts repaid (92,487 ) (30,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (30,879 ) 25,608