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REGISTERED NUMBER: 03743291 (England and Wales)






















Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Sheardown Farms Limited

Sheardown Farms Limited (Registered number: 03743291)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 4


Sheardown Farms Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: J C Sheardown
D P Sheardown





SECRETARY: D P Sheardown





REGISTERED OFFICE: 15 Newland
Lincoln
LN1 1XG





REGISTERED NUMBER: 03743291 (England and Wales)





ACCOUNTANTS: Wright Vigar Limited
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Sheardown Farms Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sheardown Farms Limited for the year ended 31 March 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Sheardown Farms Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Sheardown Farms Limited and state those matters that we have agreed to state to the Board of Directors of Sheardown Farms Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sheardown Farms Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Sheardown Farms 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 profit of Sheardown Farms Limited. You consider that Sheardown Farms Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Sheardown Farms 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.






Wright Vigar Limited
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG


23 September 2024

Sheardown Farms Limited (Registered number: 03743291)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,683,748 4,546,948

CURRENT ASSETS
Debtors 5 673,495 370,770
Cash at bank 142,893 346,476
816,388 717,246
CREDITORS
Amounts falling due within one year 6 465,096 622,651
NET CURRENT ASSETS 351,292 94,595
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,035,040

4,641,543

CREDITORS
Amounts falling due after more than one
year

7

(1,134,475

)

(869,029

)

PROVISIONS FOR LIABILITIES (431,882 ) (315,831 )
NET ASSETS 3,468,683 3,456,683

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 3,468,681 3,456,681
SHAREHOLDERS' FUNDS 3,468,683 3,456,683

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

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.

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

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 23 September 2024 and were signed on its behalf by:





J C Sheardown - Director


Sheardown Farms Limited (Registered number: 03743291)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Sheardown Farms 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 2% on cost and not provided
Improvements to property - 10% on cost and Straight line over 30 years
Plant and machinery - 5% - 20% on cost
Fixtures and fittings - 33% on cost and 10% on cost
Motor vehicles - 20% on cost
Computer equipment - 33% on cost

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.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

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.

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.

Sheardown Farms Limited (Registered number: 03743291)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Land and to Plant and
buildings property machinery
£    £    £   
COST
At 1 April 2023 421,228 4,860,882 1,280,901
Additions 155,000 182,425 27,304
Disposals - - (29,490 )
At 31 March 2024 576,228 5,043,307 1,278,715
DEPRECIATION
At 1 April 2023 80,592 1,401,968 581,090
Charge for year 6,538 171,313 74,656
Eliminated on disposal - - (29,490 )
At 31 March 2024 87,130 1,573,281 626,256
NET BOOK VALUE
At 31 March 2024 489,098 3,470,026 652,459
At 31 March 2023 340,636 3,458,914 699,811

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2023 4,808 89,126 7,182 6,664,127
Additions - 46,430 - 411,159
Disposals - - - (29,490 )
At 31 March 2024 4,808 135,556 7,182 7,045,796
DEPRECIATION
At 1 April 2023 4,434 41,913 7,182 2,117,179
Charge for year 46 21,806 - 274,359
Eliminated on disposal - - - (29,490 )
At 31 March 2024 4,480 63,719 7,182 2,362,048
NET BOOK VALUE
At 31 March 2024 328 71,837 - 4,683,748
At 31 March 2023 374 47,213 - 4,546,948

Sheardown Farms Limited (Registered number: 03743291)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2023
and 31 March 2024 67,420
DEPRECIATION
At 1 April 2023 17,679
Charge for year 13,484
At 31 March 2024 31,163
NET BOOK VALUE
At 31 March 2024 36,257
At 31 March 2023 49,741

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,359 7,557
Directors' current accounts 551,820 213,547
Prepayments and accrued income 120,316 149,666
673,495 370,770

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 162,893 105,820
Hire purchase contracts 12,519 12,519
Trade creditors 12,080 50,774
Tax 145,033 316,704
Social security and other taxes (869 ) 341
VAT 17,291 21,452
Other creditors 3,965 3,007
Accruals and deferred income 112,184 112,034
465,096 622,651

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 1,115,697 837,732
Hire purchase contracts 18,778 31,297
1,134,475 869,029

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 1,278,590 943,552
Hire purchase contracts 31,297 43,816
1,309,887 987,368

Sheardown Farms Limited (Registered number: 03743291)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

There is a directors loan account.
At the beginning of the year the directors owed the company £213,547. During the year there were total advances made to the directors of £712,273, and repayments made of £374,000.
At the end of the year the directors owed the company £551,820.
During the year interest was charged on the overdrawn loan balance at a rate of 2.25% interest of £3,448.