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REGISTERED NUMBER: 01749542 (England and Wales)















G.E. & B. FEARN FARMS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024






G.E. & B. FEARN FARMS LIMITED (REGISTERED NUMBER: 01749542)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 6


G.E. & B. FEARN FARMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: G E Fearn
J E Fearn



REGISTERED OFFICE: Priory Farm
75 Church Street
Long Bennington
Newark
Nottinghamshire
NG23 5ES



REGISTERED NUMBER: 01749542 (England and Wales)



ACCOUNTANTS: Duncan & Toplis Limited
3 Castlegate
Grantham
Lincolnshire
NG31 6SF



BANKERS: Lloyds Bank
202 High Street
Lincoln
Lincolnshire
LN5 7AP



SOLICITORS: Tallents Solicitors
3 Middlegate
Newark
Nottinghamshire
NG24 1AQ

G.E. & B. FEARN FARMS LIMITED (REGISTERED NUMBER: 01749542)

STATEMENT OF FINANCIAL POSITION
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,218,256 2,983,156
Investments 5 656,103 656,103
Investment property 6 2,887,285 2,887,285
7,761,644 6,526,544

CURRENT ASSETS
Valuation 540,897 775,297
Debtors 7 58,633 181,224
Cash at bank 1,332,230 2,115,494
1,931,760 3,072,015
CREDITORS
Amounts falling due within one year 8 1,358,952 1,450,405
NET CURRENT ASSETS 572,808 1,621,610
TOTAL ASSETS LESS CURRENT LIABILITIES 8,334,452 8,148,154

PROVISIONS FOR LIABILITIES 349,016 376,528
NET ASSETS 7,985,436 7,771,626

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 7,985,336 7,771,526
SHAREHOLDERS' FUNDS 7,985,436 7,771,626

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2024 and were signed on its behalf by:





G E Fearn - Director


G.E. & B. FEARN FARMS LIMITED (REGISTERED NUMBER: 01749542)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

G.E. & B. Fearn 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 as modified by the revaluation of certain assets.

Turnover
Income represents the fair value of consideration received for net invoiced sales of produce, excluding value added tax.

Revenue in respect of the sale of produce is recognised on despatch.

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-Nil
Improvements to property-10% on cost
Plant and machinery-20% - 25% on reducing balance

No depreciation has been provided for freehold buildings. The directors consider that the lives of these buildings and their residual value are such that their depreciation is not significant.

Tangible fixed assets are held at cost less accumulated depreciation.

Investment property
The investment properties are measured at fair value at each reporting date with changes in fair value recognised in the income statement.

Stocks
Stocks are valued at the lower of cost and fair value less costs to sell, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Leasing commitments
Rentals paid under operating leases are charged to the profit and loss account as incurred.

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.

G.E. & B. FEARN FARMS LIMITED (REGISTERED NUMBER: 01749542)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued

Basic payment
The Basic payment is recognised in the financial statements in accordance with H. M. Revenue & Customs guidance.

Fixed asset investments
Fixed asset investments are measured at cost less impairment given the inability to obtain a reliable measurement for a minority shareholding in an unlisted company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 5 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Freehold Tenants to
property improvements property
£    £    £   
COST
At 1 May 2023 2,289,796 135,254 746,906
Additions 1,383,087 - -
At 30 April 2024 3,672,883 135,254 746,906
DEPRECIATION
At 1 May 2023 - 40,575 423,756
Charge for year - 13,525 69,902
At 30 April 2024 - 54,100 493,658
NET BOOK VALUE
At 30 April 2024 3,672,883 81,154 253,248
At 30 April 2023 2,289,796 94,679 323,150

Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 May 2023 1,333,891 25,495 851 4,532,193
Additions 2,650 - - 1,385,737
At 30 April 2024 1,336,541 25,495 851 5,917,930
DEPRECIATION
At 1 May 2023 1,059,204 24,653 849 1,549,037
Charge for year 66,996 212 2 150,637
At 30 April 2024 1,126,200 24,865 851 1,699,674
NET BOOK VALUE
At 30 April 2024 210,341 630 - 4,218,256
At 30 April 2023 274,687 842 2 2,983,156

G.E. & B. FEARN FARMS LIMITED (REGISTERED NUMBER: 01749542)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 May 2023
and 30 April 2024 656,103
NET BOOK VALUE
At 30 April 2024 656,103
At 30 April 2023 656,103

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2023
and 30 April 2024 2,887,285
NET BOOK VALUE
At 30 April 2024 2,887,285
At 30 April 2023 2,887,285

The investment property was valued by the directors as at 30 April 2024 by considering cost and the fair values of recent, comparable property sales in the local area.

Fair value at 30 April 2024 is represented by:
£   
Valuation in 2022 1,372,784
Cost 1,514,501
2,887,285

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 7,447 7,447
Other debtors 16,804 11,258
Related party debtors - 109,490
Prepayments and accrued income 34,382 53,029
58,633 181,224

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 75,420 84,403
Tax 95,337 89,417
Social security and other taxes 5,128 6,122
Related party creditors 267,639 455,866
Other creditors 450 450
Directors' current accounts 906,471 806,381
Accrued expenses 8,507 7,766
1,358,952 1,450,405

G.E. & B. FEARN FARMS LIMITED (REGISTERED NUMBER: 01749542)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

10. OTHER FINANCIAL COMMITMENTS

At the year end the company had commitments due as follows:
20242023
££
Within one year25,12399,723
Between one and five years-1,147
25,123100,873