Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31false8true2023-04-01falseNo description of principal activity5trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07213949 2023-04-01 2024-03-31 07213949 2022-04-01 2023-03-31 07213949 2024-03-31 07213949 2023-03-31 07213949 2022-04-01 07213949 c:Director1 2023-04-01 2024-03-31 07213949 d:Buildings 2023-04-01 2024-03-31 07213949 d:Buildings 2024-03-31 07213949 d:Buildings 2023-03-31 07213949 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07213949 d:Buildings d:LongLeaseholdAssets 2023-04-01 2024-03-31 07213949 d:Buildings d:ShortLeaseholdAssets 2023-04-01 2024-03-31 07213949 d:PlantMachinery 2023-04-01 2024-03-31 07213949 d:PlantMachinery 2024-03-31 07213949 d:PlantMachinery 2023-03-31 07213949 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07213949 d:MotorVehicles 2023-04-01 2024-03-31 07213949 d:MotorVehicles 2024-03-31 07213949 d:MotorVehicles 2023-03-31 07213949 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07213949 d:FurnitureFittings 2023-04-01 2024-03-31 07213949 d:FurnitureFittings 2024-03-31 07213949 d:FurnitureFittings 2023-03-31 07213949 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07213949 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07213949 d:CurrentFinancialInstruments 2024-03-31 07213949 d:CurrentFinancialInstruments 2023-03-31 07213949 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 07213949 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 07213949 d:ShareCapital 2024-03-31 07213949 d:ShareCapital 2023-03-31 07213949 d:ShareCapital 2022-04-01 07213949 d:OtherMiscellaneousReserve 2024-03-31 07213949 d:OtherMiscellaneousReserve 2023-03-31 07213949 d:OtherMiscellaneousReserve 2022-04-01 07213949 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 07213949 d:RetainedEarningsAccumulatedLosses 2024-03-31 07213949 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 07213949 d:RetainedEarningsAccumulatedLosses 2023-03-31 07213949 d:RetainedEarningsAccumulatedLosses 2022-04-01 07213949 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 07213949 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 07213949 c:OrdinaryShareClass1 2023-04-01 2024-03-31 07213949 c:OrdinaryShareClass1 2024-03-31 07213949 c:OrdinaryShareClass1 2023-03-31 07213949 c:OrdinaryShareClass2 2023-04-01 2024-03-31 07213949 c:OrdinaryShareClass2 2024-03-31 07213949 c:OrdinaryShareClass3 2023-04-01 2024-03-31 07213949 c:OrdinaryShareClass3 2024-03-31 07213949 c:FRS102 2023-04-01 2024-03-31 07213949 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 07213949 c:FullAccounts 2023-04-01 2024-03-31 07213949 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07213949 2 2023-04-01 2024-03-31 07213949 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 07213949










FOXHOLES FARM LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
FOXHOLES FARM LIMITED
REGISTERED NUMBER:07213949

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,529,126
2,728,231

  
1,529,126
2,728,231

Current assets
  

Stocks
  
134,711
1,074,069

Debtors: amounts falling due within one year
 5 
2,342,872
571,567

Cash at bank and in hand
 6 
115,361
878,056

  
2,592,944
2,523,692

Creditors: amounts falling due within one year
 7 
(659,512)
(1,568,891)

Net current assets
  
 
 
1,933,432
 
 
954,801

Total assets less current liabilities
  
3,462,558
3,683,032

Provisions for liabilities
  

Deferred tax
 8 
-
(246,763)

  
 
 
-
 
 
(246,763)

Net assets
  
3,462,558
3,436,269


Capital and reserves
  

Called up share capital 
 9 
100
100

Other reserves
  
1,510,000
1,510,000

Profit and loss account
  
1,952,458
1,926,169

  
3,462,558
3,436,269

img4f56.png Page 1

 
FOXHOLES FARM LIMITED
REGISTERED NUMBER:07213949
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

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 by: 




................................................
Mr Guy Davies
Director

Date: 18 September 2024

The notes on pages 4 to 11 form part of these financial statements.
img14bb.png Page 2

 
FOXHOLES FARM LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£


At 1 April 2022
100
1,510,000
1,245,786
2,755,886



Profit for the year
-
-
684,483
684,483

Dividends: Equity capital
-
-
(4,100)
(4,100)



At 1 April 2023
100
1,510,000
1,926,169
3,436,269



Profit for the year
-
-
29,224
29,224

Dividends: Equity capital
-
-
(2,935)
(2,935)


At 31 March 2024
100
1,510,000
1,952,458
3,462,558


The notes on pages 4 to 11 form part of these financial statements.

img3629.png Page 3

 
FOXHOLES FARM LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Foxholes Farm Limited (company number 07213949) is a private limited company, limited by shares, incorporated in England and Wales, with its registered office and place of business of Red House Farm, Little Ness, Shrewsbury, Shropshire, SY4 2LG.
The prior period accounts cover the period from 1 April 2022 to 31 March 2023.

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

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

img30fb.png Page 4

 
FOXHOLES FARM LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

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.

img4762.png Page 5

 
FOXHOLES FARM LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Poultry buildings - Property improvements
-
5%
Reducing balance
Poultry buildings - Integral features
-
10%
Straight line
Poultry buildings - Plant and machinery
-
20%
Reducing balance
Plant and machinery
-
25%
Reducing balance
Motor vehicles
-
25%
Reducing balance
Tractors
-
25%
Reducing balance

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.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value after making due allowances for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

 
2.9

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.

 
2.10

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.

 
2.11

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.

img4304.png Page 6

 
FOXHOLES FARM LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

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 8 (2023 - 5).

img594d.png Page 7

 
FOXHOLES FARM LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Poultry buildings
Plant and machinery
Motor vehicles
Tractors
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
5,020,221
7,643
25,779
64,895
5,118,538


Additions
-
9,700
-
-
9,700



At 31 March 2024

5,020,221
17,343
25,779
64,895
5,128,238



Depreciation


At 1 April 2023
2,307,798
6,994
19,282
56,233
2,390,307


Charge for the year on owned assets
1,202,426
2,588
1,625
2,166
1,208,805



At 31 March 2024

3,510,224
9,582
20,907
58,399
3,599,112



Net book value



At 31 March 2024
1,509,997
7,761
4,872
6,496
1,529,126



At 31 March 2023
2,712,423
649
6,497
8,662
2,728,231

The Directors have considered the Depreciation Policy in relation to the Poultry Buildings during the year and have revised the policy. The Poultry Buildings have previously been depreciated on a reducing balance basis at 5%. The revised policy is as noted in section 2.7.
The change in policy has been applied retrospectively to when the Poultry Buildings were first constructed and as a result an additional £974,170 of depreciation has been charged during the year for the period from date of construction to 1 April 2023.


5.


Debtors

2024
2023
£
£


Trade debtors
481,123
160,516

Other debtors
1,823,040
408,951

Prepayments and accrued income
11,350
2,100

Deferred taxation
27,359
-
img69d6.png Page 8

 
FOXHOLES FARM LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.Debtors (continued)


2,342,872
571,567



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
115,361
878,056

115,361
878,056



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
588,018
1,410,074

Corporation tax
-
148,610

Other taxation and social security
3,407
5,607

Accruals and deferred income
68,087
4,600

659,512
1,568,891


img3141.png Page 9

 
FOXHOLES FARM LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Deferred taxation




2024
2023


£

£






At beginning of year
(246,763)
(182,462)


Charged to profit or loss
274,122
(64,301)



At end of year
27,359
(246,763)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
27,359
(246,763)

27,359
(246,763)


9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



45 (2023 - 100) Ordinary 'A' Class shares of £1.00 each
45
100
45 (2023 - ) Ordinary 'B' Class shares of £1.00 each
45
-
10 (2023 - ) Ordinary 'C' Class shares of £1.00 each
10
-

100

100





10.


Contingent liabilities

The company is party to a limited guarantee of £5,800,000 with National Westminster Bank PLC and a connected limited company. At 31 March 2024, the contingent liability in this respect amounted to £1,740,521 (2023: £4,173,921).                                                                                                     

img565d.png Page 10

 
FOXHOLES FARM LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £9,362 (2023: £8,800). 


12.


Related party transactions

During the year the company made payments to two connected companies and a unincorporated partnership totalling £552,073.65 (2023: £393,482.01).
During the year ended 31 March 2024 loan accounts between the company and two connected companies were operated. The company is owed £1,642,404 (2023: £300,000) from these connected companies. No interest has been charged on these loans.

 
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