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REGISTERED NUMBER: 07942610 (England and Wales)






















Unaudited Financial Statements

for the Year Ended 31st March 2024

for

Chase Farms (Gilmorton) Limited

Chase Farms (Gilmorton) Limited (Registered number: 07942610)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Chase Farms (Gilmorton) Limited

Company Information
for the Year Ended 31st March 2024







DIRECTORS: J M Matthews
N J Matthews





REGISTERED OFFICE: The Chase
Lutterworth Road
Gilmorton
Lutterworth
Leicestershire
LE17 5PH





REGISTERED NUMBER: 07942610 (England and Wales)





ACCOUNTANTS: Barker & Co
Chartered Accountants
Watling Offices
Smockington Lane
Wolvey
Hinckley
Leicestershire
LE10 3AY

Chase Farms (Gilmorton) Limited (Registered number: 07942610)

Balance Sheet
31st March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 431,027 505,790

CURRENT ASSETS
Stocks 224,925 180,504
Debtors 5 187,996 145,626
Investments 6 50 50
412,971 326,180
CREDITORS
Amounts falling due within one year 7 252,100 235,300
NET CURRENT ASSETS 160,871 90,880
TOTAL ASSETS LESS CURRENT
LIABILITIES

591,898

596,670

CREDITORS
Amounts falling due after more than one
year

8

(160,937

)

(175,726

)

PROVISIONS FOR LIABILITIES 10 (41,000 ) (45,000 )
NET ASSETS 389,961 375,944

CAPITAL AND RESERVES
Called up share capital 11 140 140
Share premium 279,960 279,960
Retained earnings 109,861 95,844
SHAREHOLDERS' FUNDS 389,961 375,944

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st 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.

Chase Farms (Gilmorton) Limited (Registered number: 07942610)

Balance Sheet - continued
31st March 2024


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 2nd October 2024 and were signed on its behalf by:




N J Matthews - Director



J M Matthews - Director


Chase Farms (Gilmorton) Limited (Registered number: 07942610)

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

1. STATUTORY INFORMATION

Chase Farms (Gilmorton) 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 represents net invoiced sales of goods, services and subsidies excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 10% on cost
Implements - 25% on reducing balance
Tractors and trailers - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Solar Panels - 10% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, 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 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.

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.

Chase Farms (Gilmorton) Limited (Registered number: 07942610)

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

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets held under finance leases and hire purchase contracts are capitalised in the Balance Sheet and are depreciated over their useful lives.

The interest element of the rental obligations is charged to the Profit and Loss Account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Tractors
Land and and
buildings Implements trailers
£    £    £   
COST
At 1st April 2023 309,925 242,285 456,951
Additions - - 1,787
Disposals - - -
At 31st March 2024 309,925 242,285 458,738
DEPRECIATION
At 1st April 2023 59,145 154,174 320,605
Charge for year 1,380 22,027 34,462
Eliminated on disposal - - -
At 31st March 2024 60,525 176,201 355,067
NET BOOK VALUE
At 31st March 2024 249,400 66,084 103,671
At 31st March 2023 250,780 88,111 136,346

Chase Farms (Gilmorton) Limited (Registered number: 07942610)

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

4. TANGIBLE FIXED ASSETS - continued

Motor Solar
vehicles Panels Totals
£    £    £   
COST
At 1st April 2023 36,663 68,000 1,113,824
Additions 13,511 - 15,298
Disposals (36,663 ) - (36,663 )
At 31st March 2024 13,511 68,000 1,092,459
DEPRECIATION
At 1st April 2023 6,110 68,000 608,034
Charge for year 1,639 - 59,508
Eliminated on disposal (6,110 ) - (6,110 )
At 31st March 2024 1,639 68,000 661,432
NET BOOK VALUE
At 31st March 2024 11,872 - 431,027
At 31st March 2023 30,553 - 505,790

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 4,959 6,023
Other debtors 28,022 28,022
Taxation and social security 8,661 8,212
S455 Corporation tax 25,885 22,300
Directors' current accounts 76,606 66,066
Corporation tax - 586
Prepayments 43,863 14,417
187,996 145,626

6. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Anglia Farmers 50 50

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 216,820 192,436
Trade creditors 80 301
Corporation tax 21,200 -
S455 Corporation tax 3,585 22,300
Social security and other taxes 925 1,888
Directors' current accounts 4,221 4,052
Accruals 5,269 14,323
252,100 235,300

Chase Farms (Gilmorton) Limited (Registered number: 07942610)

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

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans more 5 yr by instal 160,937 175,726

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 160,937 175,726

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 180,462 195,251

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 41,000 45,000

Deferred
tax
£   
Balance at 1st April 2023 45,000
Accelerated allowances (4,000 )
Balance at 31st March 2024 41,000

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
140 Ordinary £1 140 140

Chase Farms (Gilmorton) Limited (Registered number: 07942610)

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

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following transactions with director subsisted during the year:

JM Matthews£   

Private expenses1,831

NJ Matthews
Private expenses16,540



Interest was paid to the company at 2.25% on the Directors overdrawn loan account of £1,493 (2023 £831)