REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 |
FOR |
HALL FARMING LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 |
FOR |
HALL FARMING LIMITED |
HALL FARMING LIMITED (REGISTERED NUMBER: 07810703) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 5 April 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
HALL FARMING LIMITED |
COMPANY INFORMATION |
for the year ended 5 April 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
HALL FARMING LIMITED (REGISTERED NUMBER: 07810703) |
STATEMENT OF FINANCIAL POSITION |
5 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Property, plant and equipment | 5 |
Investment property | 6 |
CURRENT ASSETS |
Inventories |
Debtors | 7 |
Investments | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 10 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
HALL FARMING LIMITED (REGISTERED NUMBER: 07810703) |
STATEMENT OF FINANCIAL POSITION - continued |
5 April 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
HALL FARMING LIMITED (REGISTERED NUMBER: 07810703) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 5 April 2024 |
1. | STATUTORY INFORMATION |
Hall Farming Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Revenue |
Revenue represents goods and services supplied, excluding value added tax. |
Revenue is recognised to the extent that the company has obtained the right to consideration through its performance and is measured at the fair value of the right to consideration. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
BPS entitlements are being amortised evenly over their estimated useful life of two years. |
Personalised number plates, less their estimated residual value, are being amortised evenly over their estimated useful life of twenty five years. |
Property, plant and equipment |
Tangible fixed assets are included at cost less any accumulated depreciation and any accumulated impairment losses. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: |
Land and buildings | - | Land - 0%, Buildings - 5% straight line |
Plant and machinery | - | 25% on reducing balance |
Tractors and ATVs | - | 25% on reducing balance |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Inventories |
Biological assets and agricultural produce are valued using the cost model. Other inventories are measured at the lower of cost and estimated selling price less costs to sell. |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade, other accounts receivable and payable and loans to related parties. |
Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. |
Debt instruments such as loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised costs using the effective interest method. |
HALL FARMING LIMITED (REGISTERED NUMBER: 07810703) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 5 April 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Hire purchase and leasing commitments |
Assets acquired under finance lease agreements, including hire purchase agreements, are capitalised and the corresponding liability is included in creditors. Finance lease interest is charged to the profit and loss account on a sum of digits basis over the period of the agreement. Operating lease rentals are charged against profits of the period to which they relate. |
Pension costs and other post-retirement benefits |
Payments to defined contribution pension schemes are charged as an expense in the period to which they relate. |
Going concern |
The company has a net asset position and a healthy bank position and the directors are satisfied that there are sufficient resources in place to continue operating for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 6 April 2023 |
and 5 April 2024 |
AMORTISATION |
At 6 April 2023 |
Charge for year |
At 5 April 2024 |
NET BOOK VALUE |
At 5 April 2024 |
At 5 April 2023 |
HALL FARMING LIMITED (REGISTERED NUMBER: 07810703) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 5 April 2024 |
5. | PROPERTY, PLANT AND EQUIPMENT |
Land and | Plant and | Tractors |
buildings | machinery | and ATVs | Totals |
£ | £ | £ | £ |
COST |
At 6 April 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 5 April 2024 |
DEPRECIATION |
At 6 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 5 April 2024 |
NET BOOK VALUE |
At 5 April 2024 |
At 5 April 2023 |
The net book value of property, plant and equipment includes £ 273,115 (2023 - £ 272,234 ) in respect of assets held under hire purchase contracts. |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 6 April 2023 |
and 5 April 2024 |
NET BOOK VALUE |
At 5 April 2024 |
At 5 April 2023 |
Investment property was valued by the directors on an open market basis on 5 April 2024. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
8. | CURRENT ASSET INVESTMENTS |
2024 | 2023 |
£ | £ |
Unlisted investments | 3,520 | 2,956 |
HALL FARMING LIMITED (REGISTERED NUMBER: 07810703) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 5 April 2024 |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more than 5 years repayable by instalments |
643,394 |
752,165 |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts | 164,275 | 84,438 |
The bank loan is secured by a legal charge over land owned by the company and a debenture over the whole property, assets and rights of the company. Hire purchase creditors are secured on the relevant underlying assets. |
12. | RELATED PARTY DISCLOSURES |
The company occupies, rent free, land and buildings owned by the directors. |
There are legal charges in favour of the bank loan over land owned by the directors. In addition the directors have given personal guarantees. |