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Stavordale Farms Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2024

Registration number: 03514058

 

Stavordale Farms Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Stavordale Farms Limited

Company Information

Directors

Sir C A Mackintosh

Mr R T Knibb

Company secretary

Mr R T Knibb

Registered office

1 Bedford Square
London
WC1B 3RB

Accountants

PKF Francis Clark
Hitchcock House
Hilltop Park
Devizes Road
Salisbury
Wiltshire
SP3 4UF

 

Stavordale Farms Limited

Balance Sheet

31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

5,379,407

5,496,361

Investment property

6

5,355,500

5,355,500

Other financial assets

7

15

15

 

10,734,922

10,851,876

Current assets

 

Stocks

203,911

185,239

Debtors

8

355,393

257,491

Cash at bank and in hand

 

1,903,151

1,677,725

 

2,462,455

2,120,455

Creditors: Amounts falling due within one year

9

(8,509,709)

(8,555,860)

Net current liabilities

 

(6,047,254)

(6,435,405)

Total assets less current liabilities

 

4,687,668

4,416,471

Provisions for liabilities

(26,137)

(101,047)

Net assets

 

4,661,531

4,315,424

Capital and reserves

 

Called up share capital

4,000,000

4,000,000

Profit and loss account

661,531

315,424

Shareholders' funds

 

4,661,531

4,315,424

 

Stavordale Farms Limited

Balance Sheet

31 March 2024

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 3 October 2024 and signed on its behalf by:
 

.........................................
Mr R T Knibb
Director

Company Registration Number: 03514058

 

Stavordale Farms Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Bedford Square
London
WC1B 3RB

The principal place of business is:
The Estate Office
Old Picketts Farmhouse
South Brewham
Bruton
Somerset
BA10 0LP

These financial statements were authorised for issue by the Board on 3 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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 Section 1A, and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis. The directors confirm they are willing to support the company for at least 12 months from the balance sheet signing date.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Stavordale Farms Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land

Nil

Farm buildings

4% straight line

Plant and machinery

15% reducing balance

Storage buildings

4% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Basic payment etitlements

5 year straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Stavordale Farms Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Stavordale Farms Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

4

Intangible assets

Basic payment entitlements
 £

Total
£

Cost or valuation

At 1 April 2023

38,859

38,859

At 31 March 2024

38,859

38,859

Amortisation

At 1 April 2023

38,859

38,859

At 31 March 2024

38,859

38,859

Carrying amount

At 31 March 2024

-

-

5

Tangible assets

Land and buildings
£

Plant and machinery
 £

Storage buildings
£

Total
£

Cost or valuation

At 1 April 2023

5,633,122

935,925

1,782,550

8,351,597

Additions

49,100

68,457

-

117,557

Disposals

-

(22,500)

-

(22,500)

At 31 March 2024

5,682,222

981,882

1,782,550

8,446,654

Depreciation

At 1 April 2023

1,441,036

622,461

791,739

2,855,236

Charge for the year

95,191

50,131

71,302

216,624

Eliminated on disposal

-

(4,613)

-

(4,613)

At 31 March 2024

1,536,227

667,979

863,041

3,067,247

Carrying amount

At 31 March 2024

4,145,995

313,903

919,509

5,379,407

At 31 March 2023

4,192,086

313,464

990,811

5,496,361

Included within the net book value of land and buildings above is £3,302,497 (2023 - £3,253,397) in respect of freehold land and £843,498 (2023 - £938,689) in respect of farm buildings.
 

 

Stavordale Farms Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

6

Investment properties

2024
£

At 1 April

5,355,500

At 31 March

5,355,500

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 1 April 2015 by the directors of the company. The valuation was made on an open market basis by reference to market evidence of transaction prices for similar properties.

As at 31 March 2024 the fair value of the property in the financial statements was reviewed by the directors based on their knowledge of the property and documented trends in the local property market.

There has been no valuation of investment property by an independent valuer.

 

Stavordale Farms Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

7

Fixed asset investments

Shares held in listed companies
£

Total
£

Investments

Cost or valuation

At 1 April 2023

15

15

At 31 March 2024

15

15

Impairment

Carrying amount

At 31 March 2024

15

15

8

Debtors

2024
£

2023
£

Trade debtors

196,611

201,787

Other debtors

158,782

55,704

355,393

257,491

9

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

135,391

77,433

Taxation and social security

115,801

50,975

Accruals and deferred income

29,515

8,613

Other creditors

8,229,002

8,418,839

8,509,709

8,555,860

 

Stavordale Farms Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

10

Taxation

Tax charged/(credited) in the profit and loss account

2024
 £

2023
 £

Current taxation

UK corporation tax

115,802

50,975

Deferred taxation

Arising from origination and reversal of timing differences

(74,910)

32,062

Tax expense in the income statement

40,892

83,037