Caseware UK (AP4) 2023.0.135 2023.0.135 2024-01-312024-01-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.No description of principal activity32023-02-01false3truetruefalse 03432649 2023-02-01 2024-01-31 03432649 2022-02-01 2023-01-31 03432649 2024-01-31 03432649 2023-01-31 03432649 c:Director2 2023-02-01 2024-01-31 03432649 d:Buildings 2023-02-01 2024-01-31 03432649 d:Buildings 2024-01-31 03432649 d:Buildings 2023-01-31 03432649 d:Buildings d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 03432649 d:PlantMachinery 2023-02-01 2024-01-31 03432649 d:PlantMachinery 2024-01-31 03432649 d:PlantMachinery 2023-01-31 03432649 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 03432649 d:MotorVehicles 2023-02-01 2024-01-31 03432649 d:MotorVehicles 2024-01-31 03432649 d:MotorVehicles 2023-01-31 03432649 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 03432649 d:OtherPropertyPlantEquipment 2023-02-01 2024-01-31 03432649 d:OtherPropertyPlantEquipment 2024-01-31 03432649 d:OtherPropertyPlantEquipment 2023-01-31 03432649 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 03432649 d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 03432649 d:CurrentFinancialInstruments 2024-01-31 03432649 d:CurrentFinancialInstruments 2023-01-31 03432649 d:Non-currentFinancialInstruments 2024-01-31 03432649 d:Non-currentFinancialInstruments 2023-01-31 03432649 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 03432649 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 03432649 d:Non-currentFinancialInstruments d:AfterOneYear 2024-01-31 03432649 d:Non-currentFinancialInstruments d:AfterOneYear 2023-01-31 03432649 d:ShareCapital 2024-01-31 03432649 d:ShareCapital 2023-01-31 03432649 d:SharePremium 2024-01-31 03432649 d:SharePremium 2023-01-31 03432649 d:RetainedEarningsAccumulatedLosses 2024-01-31 03432649 d:RetainedEarningsAccumulatedLosses 2023-01-31 03432649 d:AcceleratedTaxDepreciationDeferredTax 2024-01-31 03432649 d:AcceleratedTaxDepreciationDeferredTax 2023-01-31 03432649 c:FRS102 2023-02-01 2024-01-31 03432649 c:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 03432649 c:FullAccounts 2023-02-01 2024-01-31 03432649 c:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 03432649 2 2023-02-01 2024-01-31 03432649 6 2023-02-01 2024-01-31 03432649 e:PoundSterling 2023-02-01 2024-01-31 iso4217:GBP xbrli:pure
Registered Number:03432649













HENRY FAIRLEY & SON LIMITED




UNAUDITED

FINANCIAL STATEMENTS
 
PAGES FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2024











 
HENRY FAIRLEY & SON LIMITED
REGISTERED NUMBER:03432649


BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,689,839
2,765,905

Investments
 5 
250,001
1

  
2,939,840
2,765,906

Current assets
  

Stocks
 6 
133,869
148,851

Debtors: amounts falling due within one year
 7 
44,003
25,164

Cash at bank and in hand
  
171,741
383,402

  
349,613
557,417

Creditors: amounts falling due within one year
 8 
(183,655)
(286,238)

Net current assets
  
 
 
165,958
 
 
271,179

Total assets less current liabilities
  
3,105,798
3,037,085

Creditors: amounts falling due after more than one year
 9 
(64,556)
(75,338)

Provisions for liabilities
  

Deferred tax
 10 
(91,220)
(103,508)

  
 
 
(91,220)
 
 
(103,508)

Net assets
  
2,950,022
2,858,239


- 1 -



 
HENRY FAIRLEY & SON LIMITED
REGISTERED NUMBER:03432649

    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
  
24,000
24,000

Share premium account
  
1,604,732
1,604,732

Profit and loss account
  
1,321,290
1,229,507

  
2,950,022
2,858,239


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 on 10 October 2024.




A Fairley
Director


- 2 -



 
HENRY FAIRLEY & SON LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

Henry Fairley & Son Limited (the "Company") is a private company limited by shares and incorporated and domiciled in England & Wales, registration number 03432649. The address of the registered office is Park Farm, Park Road, Great Bromley, Colchester, Essex, CO7 7US.

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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.


- 3 -



 
HENRY FAIRLEY & SON LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and Loss Account in the same period as the related expenditure.

 
2.4

Interest income

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

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
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.


- 4 -



 
HENRY FAIRLEY & SON LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
50 years straight line
Plant and machinery
-
10 years straight line
Motor vehicles
-
7 or 8 years straight line
Combines and Tractors
-
5 years straight line

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

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.9

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Costs include all direct expenditure and an appropriate proportion of related fixed assets and variable overheads.
The value of harvested crops is based on 75% of their expected market value and any agricultural subsidies received from integrated administration and control system.

 
2.10

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

- 5 -



 
HENRY FAIRLEY & SON LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.10
Financial instruments (continued)

impairment loss is recognised in the Profit and Loss Account.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3). 


4.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Other fixed assets
Total

£
£
£
£
£



Cost or valuation


At 1 February 2023
2,712,237
783,945
45,982
390,644
3,932,808


Additions
-
33,850
-
21,525
55,375


Disposals
-
(13,427)
-
-
(13,427)



At 31 January 2024

2,712,237
804,368
45,982
412,169
3,974,756



Depreciation


At 1 February 2023
383,377
496,726
28,323
258,477
1,166,903


Charge for the year on owned assets
23,907
54,713
2,987
46,434
128,041


Disposals
-
(10,027)
-
-
(10,027)



At 31 January 2024

407,284
541,412
31,310
304,911
1,284,917



Net book value



At 31 January 2024
2,304,953
262,956
14,672
107,258
2,689,839



At 31 January 2023
2,328,860
287,219
17,659
132,167
2,765,905


- 6 -



 
HENRY FAIRLEY & SON LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.


Fixed asset investments





Listed investments
Unlisted investments
Total

£
£
£



Cost or valuation


At 1 February 2023
-
1
1


Additions
250,000
-
250,000



At 31 January 2024
250,000
1
250,001





6.


Stocks

2024
2023
£
£

Growing farm costs and acts of husbandry
32,173
35,565

Farms produce and stores
101,696
113,286

133,869
148,851



7.


Debtors

2024
2023
£
£


Trade debtors
26,757
8,780

Other debtors
5,993
-

Prepayments and accrued income
11,253
16,384

44,003
25,164



- 7 -



 
HENRY FAIRLEY & SON LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
2,263
56,413

Corporation tax
45,486
62,124

Other taxation and social security
6,034
14,529

Obligations under finance lease and hire purchase contracts
9,200
10,971

Other creditors
83,565
104,940

Accruals and deferred income
37,107
37,261

183,655
286,238



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
9,200
18,400

Deferred income 1 - 2 yrs
1,581
1,581

Deferred income 2 -5 yrs
4,744
4,744

Deferred income > 5 yrs
49,031
50,613

64,556
75,338



10.


Deferred taxation




2024


£






At beginning of year
(103,508)


Profit and Loss Account movement
12,288



At end of year
(91,220)


- 8 -



 
HENRY FAIRLEY & SON LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
 
10.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(91,220)
(103,508)

(91,220)
(103,508)


11.


Government Grants

During the year ended 31 January 2011 the company received a grant totalling £79,074 from a local government agency for the construction of a new reservoir. Per the accounting policy this grant is shown within deferred income and will be released to the profit and loss account over 50 years on a straight line basis, in line with the depreciation policy of the relevant asset.


12.


Related party transactions

Two of the directors operate a loan account with the company, the balances on these loans included within other creditors, were as follows:

2024
2023
£
£
Mr A Fairley

64,137

78,768
 
Mr A D Fairley

18,538

21,032
 
82,675

99,800
 

 

- 9 -