REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
ADAMES (FLANSHAM) LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
ADAMES (FLANSHAM) LIMITED |
ADAMES (FLANSHAM) LIMITED (REGISTERED NUMBER: 00843792) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
ADAMES (FLANSHAM) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Appledram Barns |
Birdham Road |
Chichester |
West Sussex |
PO20 7EQ |
ADAMES (FLANSHAM) LIMITED (REGISTERED NUMBER: 00843792) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Prepayments and accrued income |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Capital redemption reserve |
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. |
ADAMES (FLANSHAM) LIMITED (REGISTERED NUMBER: 00843792) |
BALANCE SHEET - continued |
31 MARCH 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
ADAMES (FLANSHAM) LIMITED (REGISTERED NUMBER: 00843792) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Adames (Flansham) 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. |
The presentation currency of the financial statements is the Pound Sterling (£) rounded to the nearest pound (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net invoiced sales of goods and services, excluding value added tax, in relation to farming activities. |
Other operating income |
Other operating income includes rental income and sundry receipts recognised on a receivable basis. |
Investments |
Fixed asset investments are shares held in listed companies and stated at fair value with changes in fair value going to profit or loss. |
Intangible assets |
Purchased Rural Payments Agency entitlements have not been amortised due to the assets having an indefinite useful life. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Freehold property - 2% - 5% on buildings and nil on land and 10% on roads and paths |
Deadstock - at 10% on reducing balance |
Fixtures and fittings - at varying rates on cost |
Tractors, combines and vehicles - 25% on reducing balance |
Stocks and work in progress |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Costs incurred on establishing and maintaining the woodland are taken to work in progress and will be recognised in profit or loss as the trees are felled and sold. |
Work in progress is valued at the lower of cost and net realisable value. Overheads that are directly attributable to the woodland are reflected in work in progress. Costs such as roads and fencing are taken to tangible fixed assets and depreciated accordingly so are not included in work in progress. |
Financial instruments |
Financial instruments are classified by the director as basic or advanced following the conditions in FRS 102 section 11. Basic financial instruments are recognised at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. The company has no advanced financial instruments. |
ADAMES (FLANSHAM) LIMITED (REGISTERED NUMBER: 00843792) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 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 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. Deferred tax has been recognised at a rate of 19% which was the substantively enacted rate at the balance sheet date. |
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. |
Government grants |
Government grants and other contributions are accounted for under the accrual model. |
Grants and other income relating to the woodland are taken to deferred income to be recognised in profit or loss when the trees are felled and sold. Grants receivable for fencing are taken to deferred income and recognised in profit or loss over the useful life of the asset, depreciation is charged to write off each fencing asset over its estimated useful life of ten years. |
Leasing commitments |
Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
ADAMES (FLANSHAM) LIMITED (REGISTERED NUMBER: 00843792) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
5. | TANGIBLE FIXED ASSETS |
Tractors, |
Fixtures | combines |
Freehold | and | and |
property | Deadstock | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Included in cost of land and buildings is freehold land of £ 3,687,269 (2023 - £ 3,687,269 ) which is not depreciated. |
Tangible fixed assets are initially measured at cost. Some of the company's tangible fixed assets are held as security in favour of E Power Ltd. |
6. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
At 1 April 2023 |
Revaluations |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
All fixed asset investments are shares held in listed companies. They are valued at fair value at the year end. The historical cost of investments were £1,521,791 (2023: £1,521,791). |
ADAMES (FLANSHAM) LIMITED (REGISTERED NUMBER: 00843792) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Other creditors |
10. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 563,178 | 539,118 |
Deferred tax |
£ |
Balance at 1 April 2023 |
Provided during year |
Balance at 31 March 2024 |