IRIS Accounts Production v24.3.0.553 04637412 Board of Directors 1.2.23 31.1.24 31.1.24 Medium entities the operation of an open farm. true false true true false false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Fair value model Ordinary 1.00000 'A' Non-Voting Ordinary 1.00000 'B' Non-Voting Ordinary 1.00000 'C' Non-Voting Ordinary 1.00000 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REGISTERED NUMBER: 04637412 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 January 2024

for

Cannon Hall Farm Ltd

Cannon Hall Farm Ltd (Registered number: 04637412)






Contents of the Financial Statements
for the year ended 31 January 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 14


Cannon Hall Farm Ltd

Company Information
for the year ended 31 January 2024







DIRECTORS: C R Nicholson
Mrs C S Nicholson
R C Nicholson
R E Nicholson
D W Nicholson





SECRETARY: Mrs C S Nicholson





REGISTERED OFFICE: Cannon Hall Farm
Cannon Hall
Cawthorne
Barnsley
South Yorkshire
S75 4AT





REGISTERED NUMBER: 04637412 (England and Wales)





AUDITORS: Paul Howley & Co Ltd
Chartered Certified Accountants
Statutory Auditors
42 Pitt Street
Barnsley
South Yorkshire
S70 1BB

Cannon Hall Farm Ltd (Registered number: 04637412)

Strategic Report
for the year ended 31 January 2024

The directors present their strategic report for the year ended 31 January 2024.

REVIEW OF BUSINESS
The company's principal activity during the year continued to be the operation of an open farm visitor attraction.

The result for the year and the financial position of the company are shown in the financial statements.

Trading performance
During the year ended 31 January 2024 the company reported operating profits of £2,031,948 compared with £1,682,881 for the year ended 31 January 2023. Increased operating profits were driven by an increase in turnover from £11,216,692 in 2023 to £12,664,550 in 2024. All income streams show positive growth on 2023 reflecting increased visitor footfall.

During the year the company reported a gain of £115,948 on the revaluation of investment property which together with improved operating profits contributed to net profit before tax of £2,226,252 compared to £1,674,420 in the previous year.

Key performance indicators
The key performance indicators used to determine the progress and performance of the company are customer footfall, turnover growth, profitability and liquidity.

Turnover growth:
An increase on the prior year of 12.9%.

Gross profit & Operating profit growth:
Gross profit and operating profit increased by 17.5% and 20.7% respectively.

Current assets to current liabilities ratio:
The current ratio improved to 3.1 from 2.5 in the the prior year.

Future outlook
The directors continue to monitor customer spend patterns and regional and national economic indicators, and explore innovative ways of increasing visitor numbers. The established policy of investing in new attractions and improved infrastructure will continue, and the directors are confident that this policy will continue to drive footfall and revenues upwards. As part of this continued investment a new outdoor play area was opened in May 2023, with additional outdoor and indoor facilities opened in April 2024 and July 2024 respectively. The directors are confident that enhancing visitor experiences, adapting to customer demands and focusing on high quality offerings will allow the company to continue to perform strongly.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors acknowledge that the management of the business and the execution of the company's strategies are subject to a number of risks and uncertainties. The key business risks identified relate to the current external economic climate, exposure to communicable agricultural related diseases, the effect of fluctuations in the residential property market and retention of key staff.

ON BEHALF OF THE BOARD:





R E Nicholson - Director


25 October 2024

Cannon Hall Farm Ltd (Registered number: 04637412)

Report of the Directors
for the year ended 31 January 2024

The directors present their report with the financial statements of the company for the year ended 31 January 2024.

DIVIDENDS
The total distribution of dividends for the year ended 31 January 2024 will be £ 249,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 February 2023 to the date of this report.

C R Nicholson
Mrs C S Nicholson
R C Nicholson
R E Nicholson
D W Nicholson

DIRECTORS' INDEMNITIES
The company maintains directors' and officers' liability insurance which gives appropriate cover for legal action brought against its directors.

DISCLOSURE IN THE STRATEGIC REPORT
As permitted by the Companies Act 2006 certain information to be contained in the directors' report as required by Schedule 7 to SI 2008/410 is included in the company's strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Paul Howley & Co Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





R E Nicholson - Director


25 October 2024

Report of the Independent Auditors to the Members of
Cannon Hall Farm Ltd

Opinion
We have audited the financial statements of Cannon Hall Farm Ltd (the 'company') for the year ended 31 January 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 January 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
Cannon Hall Farm Ltd


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In planning and designing our audit tests, we identify and assess the risks of material misstatement within the financial statements, whether due to fraud or error. Our assessment of these risks includes consideration of the nature of the business and sector, the control environment and the business performance along with the results of our enquiries of management.

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to 2006 Companies Act, relevant tax legislation, environmental and consumer rights regulation and anti-bribery and corruption legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls), and determined that the principal risks related to stock, assets and cash balances. Audit procedures performed by the engagement team included:

- Enquiries of the directors and management to identify any instances of non-compliance including consideration of known or suspected instances of fraud;
- Evaluation of management's controls designed to prevent and detect irregularities;
- Review of meeting minutes, and where applicable, correspondence with relevant regulatory authorities;
- Performed analytical procedures to identify any unusual or unexpected relationships;
- Performed physical verification of tangible fixed assets to confirm existence and ownership;
- Performed physical verification and valuation testing of stock to ensure accuracy;
- Investigated the rationale behind significant or unusual transactions;
- Detailed testing of journal entries.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected it the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Cannon Hall Farm Ltd


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Paul Berry (Senior Statutory Auditor)
for and on behalf of Paul Howley & Co Ltd
Chartered Certified Accountants
Statutory Auditors
42 Pitt Street
Barnsley
South Yorkshire
S70 1BB

25 October 2024

Cannon Hall Farm Ltd (Registered number: 04637412)

Income Statement
for the year ended 31 January 2024

31.1.24 31.1.23
Notes £    £   

TURNOVER 3 12,664,550 11,216,692

Cost of sales 8,047,026 7,286,196
GROSS PROFIT 4,617,524 3,930,496

Administrative expenses 2,736,278 2,467,249
1,881,246 1,463,247

Other operating income 150,702 219,634
OPERATING PROFIT 5 2,031,948 1,682,881

Interest receivable and similar income 6 82,979 15,972
2,114,927 1,698,853
Gain/loss on revaluation of investment property 115,948 -
2,230,875 1,698,853

Interest payable and similar expenses 7 4,623 24,433
PROFIT BEFORE TAXATION 2,226,252 1,674,420

Tax on profit 8 562,721 321,675
PROFIT FOR THE FINANCIAL YEAR 1,663,531 1,352,745

Cannon Hall Farm Ltd (Registered number: 04637412)

Other Comprehensive Income
for the year ended 31 January 2024

31.1.24 31.1.23
Notes £    £   

PROFIT FOR THE YEAR 1,663,531 1,352,745


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,663,531

1,352,745

Cannon Hall Farm Ltd (Registered number: 04637412)

Balance Sheet
31 January 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 4,223,126 3,883,175
Investment property 12 2,665,000 2,549,052
6,888,126 6,432,227

CURRENT ASSETS
Stocks 13 684,788 546,808
Debtors 14 221,248 319,722
Investments 15 1,400,000 2,000,000
Cash at bank and in hand 1,359,344 533,732
3,665,380 3,400,262
CREDITORS
Amounts falling due within one year 16 1,164,100 1,353,113
NET CURRENT ASSETS 2,501,280 2,047,149
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,389,406

8,479,376

CREDITORS
Amounts falling due after more than one year 17 (192,595 ) (861,101 )

PROVISIONS FOR LIABILITIES 21 (512,000 ) (347,995 )
NET ASSETS 8,684,811 7,270,280

CAPITAL AND RESERVES
Called up share capital 22 265 265
Non-distributable reserves 23 116,389 441
Retained earnings 23 8,568,157 7,269,574
SHAREHOLDERS' FUNDS 8,684,811 7,270,280

The financial statements were approved by the Board of Directors and authorised for issue on 25 October 2024 and were signed on its behalf by:





R E Nicholson - Director


Cannon Hall Farm Ltd (Registered number: 04637412)

Statement of Changes in Equity
for the year ended 31 January 2024

Called up
share Retained Non-distributable Total
capital earnings reserves equity
£    £    £    £   
Balance at 1 February 2022 265 6,163,829 441 6,164,535

Changes in equity
Dividends - (247,000 ) - (247,000 )
Total comprehensive income - 1,352,745 - 1,352,745
Balance at 31 January 2023 265 7,269,574 441 7,270,280

Changes in equity
Dividends - (249,000 ) - (249,000 )
Total comprehensive income - 1,547,583 115,948 1,663,531
Balance at 31 January 2024 265 8,568,157 116,389 8,684,811

Cannon Hall Farm Ltd (Registered number: 04637412)

Cash Flow Statement
for the year ended 31 January 2024

31.1.24 31.1.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,421,039 2,094,336
Interest paid (4,623 ) (24,433 )
Tax paid (449,716 ) (413,177 )
Net cash from operating activities 1,966,700 1,656,726

Cash flows from investing activities
Purchase of tangible fixed assets (805,481 ) (376,866 )
Purchase of current asset investments (3,800,000 ) (2,500,000 )
Purchase of investment property - (376,954 )
Sale of tangible fixed assets 5,603 25,900
Sale of current asset investments 4,400,000 500,000
Interest received 82,651 3,844
Net cash from investing activities (117,227 ) (2,724,076 )

Cash flows from financing activities
Loan repayments in year (706,106 ) (159,106 )
Amount withdrawn by directors (68,755 ) (100,160 )
Equity dividends paid (249,000 ) (247,000 )
Net cash from financing activities (1,023,861 ) (506,266 )

Increase/(decrease) in cash and cash equivalents 825,612 (1,573,616 )
Cash and cash equivalents at beginning of year 2 533,732 2,107,348

Cash and cash equivalents at end of year 2 1,359,344 533,732

Cannon Hall Farm Ltd (Registered number: 04637412)

Notes to the Cash Flow Statement
for the year ended 31 January 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.1.24 31.1.23
£    £   
Profit before taxation 2,226,252 1,674,420
Depreciation charges 463,733 437,582
Loss on disposal of fixed assets 6,730 13,107
Gain on revaluation of fixed assets (115,948 ) -
Transfer fixed assets to stock 51,776 -
Government grants (30,162 ) (31,648 )
Finance costs 4,623 24,433
Finance income (82,979 ) (15,972 )
2,524,025 2,101,922
(Increase)/decrease in stocks (137,980 ) 87,817
Decrease/(increase) in trade and other debtors 167,557 (180,171 )
(Decrease)/increase in trade and other creditors (132,563 ) 84,768
Cash generated from operations 2,421,039 2,094,336

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 January 2024
31.1.24 1.2.23
£    £   
Cash and cash equivalents 1,359,344 533,732
Year ended 31 January 2023
31.1.23 1.2.22
£    £   
Cash and cash equivalents 533,732 2,107,348


Cannon Hall Farm Ltd (Registered number: 04637412)

Notes to the Cash Flow Statement
for the year ended 31 January 2024

3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.2.23 Cash flow At 31.1.24
£    £    £   
Net cash
Cash at bank and in hand 533,732 825,612 1,359,344
533,732 825,612 1,359,344

Liquid resources
Current asset investments 2,000,000 (600,000 ) 1,400,000
2,000,000 (600,000 ) 1,400,000
Debt
Debts falling due within 1 year (54,000 ) 54,000 -
Debts falling due after 1 year (652,106 ) 652,106 -
(706,106 ) 706,106 -
Total 1,827,626 931,718 2,759,344

Cannon Hall Farm Ltd (Registered number: 04637412)

Notes to the Financial Statements
for the year ended 31 January 2024

1. STATUTORY INFORMATION

Cannon Hall Farm Ltd 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern
After making enquiries, the directors have a reasonable expectation that for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements the company has adequate resources to continue trading and meet its liabilities as and when they arise.

The company meets its day-to-day working capital requirements through its bank facilities. The company's forecasts and projections, taking account of plausible changes in trading performance, illustrate that the company should be able to operate within the level of its current facilities.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The annual depreciation charge for tangible assets and their carrying amount is determined by the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually and amended where necessary to reflect current estimates. The carrying amount of tangible assets is disclosed in note 10 to the financial statements.

Turnover
Turnover represents entrance fees and sales of goods and produce, stated net of trade discounts and value added tax.

The following criteria must be met before revenue is recognised:

Entrance fees and events
Farm entrance fees and events are recognised at point of sale with the exception of gift cards and vouchers which are deferred and recognised when presented.

Sale of goods and produce
Revenue from the sale of food, drink and produce is recognised at point of sale with the exception of wholesale and internet transactions which are recognised on despatch.

Food and beverage
Revenue from the sale of food and beverage is recognised when consumed.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, has been amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Cannon Hall Farm Ltd (Registered number: 04637412)

Notes to the Financial Statements - continued
for the year ended 31 January 2024

2. ACCOUNTING POLICIES - continued

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 - Straight line over 50 years
Short leasehold - Straight line over 10 years and Straight line over 20 years
Farm plant and machinery - 15% on reducing balance and Straight line over 10 years
Fixtures and equipment - 15% on reducing balance
Motor vehicles and tractors - 25% on reducing balance
Livestock - Straight line over 10 years and Straight line over 20 years

Assets under construction at the year end date are not depreciated.

The carrying values of property, plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate that their carrying values may not be recoverable. Any impairment in the values of property, plant and equipment is charged to the Income Statement.

Profits and losses on disposal of property, plant and equipment reflect the difference between net selling price and carrying amount at the date of disposal and are recognised in the Income Statement.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated on the basis of first in, first out.

Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. For the purpose of the cash flow statement, cash and cash equivalents consist of cash and cash equivalents as defined above, stated net of outstanding bank overdrafts where relevant.

Debtors
Short term debtors are measured at transaction price, less any impairment. Any losses arising from impairment are recognised in the Income Statement in other operating expense.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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.


Cannon Hall Farm Ltd (Registered number: 04637412)

Notes to the Financial Statements - continued
for the year ended 31 January 2024

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Government grants
Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim for payment. Government grants in respect of capital expenditure are credited to a deferred income account and are released to the Income Statement over the expected useful lives of the relevant assets by annual instalments. Grants of a revenue nature are credited to the Income Statement so as to match them with the expenditure to which they relate.

Livestock
Livestock purchased predominately for the purpose of visitor attraction is included in tangible fixed assets and depreciated over their estimated useful lives. Livestock purchased as part of the working farm are incorporated in the Income Statement and where appropriate carried forward in stock at the lower of cost and net realisable value.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

31.1.24 31.1.23
£    £   
Entrance fees & events 2,695,472 2,416,281
Retail sales 5,808,554 5,240,570
Bistro / Café sales 3,798,979 3,243,724
Other 361,545 316,117
12,664,550 11,216,692

4. EMPLOYEES AND DIRECTORS
31.1.24 31.1.23
£    £   
Wages and salaries 3,550,004 3,164,724
Social security costs 252,802 238,585
Other pension costs 30,777 61,989
3,833,583 3,465,298

Cannon Hall Farm Ltd (Registered number: 04637412)

Notes to the Financial Statements - continued
for the year ended 31 January 2024

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
31.1.24 31.1.23

Direct 194 181
Administration & maintenance 26 22
Directors 5 5
225 208

31.1.24 31.1.23
£    £   
Directors' remuneration 43,139 43,139

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 5 5

5. OPERATING PROFIT

The operating profit is stated after charging:

31.1.24 31.1.23
£    £   
Hire of plant and machinery 25,949 23,671
Other operating leases 34,574 33,679
Depreciation - owned assets 463,733 437,582
Loss on disposal of fixed assets 6,730 13,107
Auditors' remuneration 12,500 11,000

6. INTEREST RECEIVABLE AND SIMILAR INCOME
31.1.24 31.1.23
£    £   
Bank interest 73,529 15,972
Other interest 9,450 -
82,979 15,972

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.1.24 31.1.23
£    £   
Bank loan interest 4,623 24,433

Cannon Hall Farm Ltd (Registered number: 04637412)

Notes to the Financial Statements - continued
for the year ended 31 January 2024

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.1.24 31.1.23
£    £   
Current tax:
UK corporation tax 398,716 312,000

Deferred tax 164,005 9,675
Tax on profit 562,721 321,675

UK corporation tax has been charged at 24% (2023 - 19%).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.1.24 31.1.23
£    £   
Profit before tax 2,226,252 1,674,420
Profit multiplied by the standard rate of corporation tax in the UK of 24% (2023 -
19%)

534,300

318,140

Effects of:
Expenses not deductible for tax purposes 276 1,118
Income not taxable for tax purposes (29,491 ) (6,013 )
Depreciation on assets not qualifying for allowances 31,622 23,538
Others including movement in UK tax rates 26,014 (15,108 )
Total tax charge 562,721 321,675

The above tax rates have been used as these are the rates applicable taking into account the company's taxable profits. With effect from 1 April 2023 the main rate of corporation tax rate increased from 19% to 25%.

9. DIVIDENDS
31.1.24 31.1.23
£    £   
'A' Non-Voting Ordinary shares of £1 each
Interim 132,000 132,000
'B' Non-Voting Ordinary shares of £1 each
Interim 60,000 60,000
'C' Non-Voting Ordinary shares of £1 each
Interim 57,000 55,000
249,000 247,000

Cannon Hall Farm Ltd (Registered number: 04637412)

Notes to the Financial Statements - continued
for the year ended 31 January 2024

10. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2023
and 31 January 2024 160,000
AMORTISATION
At 1 February 2023
and 31 January 2024 160,000
NET BOOK VALUE
At 31 January 2024 -
At 31 January 2023 -

11. TANGIBLE FIXED ASSETS
Farm
Freehold Short plant and
property leasehold machinery
£    £    £   
COST
At 1 February 2023 437,641 4,464,693 1,538,095
Additions - - 672,259
Disposals - - (576,018 )
Transfer to stock - - -
At 31 January 2024 437,641 4,464,693 1,634,336
DEPRECIATION
At 1 February 2023 178,232 2,077,395 1,244,123
Charge for year 8,753 196,084 85,985
Eliminated on disposal - - (576,015 )
Transfer to stock - - -
At 31 January 2024 186,985 2,273,479 754,093
NET BOOK VALUE
At 31 January 2024 250,656 2,191,214 880,243
At 31 January 2023 259,409 2,387,298 293,972

Cannon Hall Farm Ltd (Registered number: 04637412)

Notes to the Financial Statements - continued
for the year ended 31 January 2024

11. TANGIBLE FIXED ASSETS - continued

Motor
Fixtures vehicles
and and
equipment tractors Livestock Totals
£    £    £    £   
COST
At 1 February 2023 1,570,177 410,859 109,351 8,530,816
Additions 91,726 53,465 50,343 867,793
Disposals (44,400 ) (17,175 ) - (637,593 )
Transfer to stock - - (55,658 ) (55,658 )
At 31 January 2024 1,617,503 447,149 104,036 8,705,358
DEPRECIATION
At 1 February 2023 897,902 233,170 16,819 4,647,641
Charge for year 112,849 57,378 2,684 463,733
Eliminated on disposal (32,715 ) (16,530 ) - (625,260 )
Transfer to stock - - (3,882 ) (3,882 )
At 31 January 2024 978,036 274,018 15,621 4,482,232
NET BOOK VALUE
At 31 January 2024 639,467 173,131 88,415 4,223,126
At 31 January 2023 672,275 177,689 92,532 3,883,175

Included within farm plant and machinery is £324,173 (2023: £0) in respect of assets under construction which have not been depreciated.

Short leasehold assets incorporate infrastructure costs and buildings erected on land which is owned by and rented from the directors.

The company's bankers hold a fixed charge over all freehold and leasehold property and a first fixed charge over all other tangible fixed assets.

12. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2023 2,549,052
Revaluations 115,948
At 31 January 2024 2,665,000
NET BOOK VALUE
At 31 January 2024 2,665,000
At 31 January 2023 2,549,052

Cannon Hall Farm Ltd (Registered number: 04637412)

Notes to the Financial Statements - continued
for the year ended 31 January 2024

12. INVESTMENT PROPERTY - continued

Fair value at 31 January 2024 is represented by:
£   
Valuation in 2009 (174,559 )
Valuation in 2011 150,000
Valuation in 2013 110,000
Valuation in 2014 (85,000 )
Valuation in 2024 115,948
Cost 2,548,611
2,665,000

If the investment properties had not been revalued they would have been included at the following historical cost:

31.1.24 31.1.23
£    £   
Cost 2,548,611 2,548,611
Aggregate depreciation (532,174 ) (481,438 )

Investment properties were valued on an open market basis on 31 January 2024 by the company's directors .

13. STOCKS
31.1.24 31.1.23
£    £   
Livestock 298,132 159,024
Raw materials 57,104 44,445
Resale goods 329,552 343,339
684,788 546,808

An impairment loss of £1,119 (2023: £20,443) was recognised in cost of sales against stock during the year due to slow moving and obsolete items.

The total carrying amount of stock is pledged as security for the company's bankers.

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade debtors 7,067 12,964
Other debtors 63,014 165,800
Directors' loan accounts 84,122 15,367
Prepayments and accrued income 67,045 125,591
221,248 319,722

15. CURRENT ASSET INVESTMENTS
31.1.24 31.1.23
£    £   
Short term deposits 1,400,000 2,000,000

Investments in short term deposits have an original maturity date of between 3 and 6 months and accrue interest at an average rate of 4.95%.

Cannon Hall Farm Ltd (Registered number: 04637412)

Notes to the Financial Statements - continued
for the year ended 31 January 2024

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans and overdrafts (see note 18) - 54,000
Trade creditors 386,146 426,287
Tax 161,000 212,000
Social security and other taxes 52,883 49,815
VAT 216,013 252,897
Other creditors 39,917 72,461
Accrued expenses 281,221 257,470
Deferred government grants 26,920 28,183
1,164,100 1,353,113

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans (see note 18) - 652,106
Deferred government grants 192,595 208,995
192,595 861,101

Deferred government grants included within other creditors falling due after more than one year include £107,744 (2023: £120,722) in respect of amounts which are expected to be released to the Income Statement more than five years after the balance sheet date.

18. LOANS

An analysis of the maturity of loans is given below:

31.1.24 31.1.23
£    £   
Amounts falling due within one year or on demand:
Bank loans - 54,000

Amounts falling due between one and two years:
Bank loans - 1-2 years - 56,500

Amounts falling due between two and five years:
Bank loans - 2-5 years - 182,000

Amounts falling due in more than five years:

Repayable by instalments
Bank loan over five years - 413,606

Cannon Hall Farm Ltd (Registered number: 04637412)

Notes to the Financial Statements - continued
for the year ended 31 January 2024

19. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.1.24 31.1.23
£    £   
Within one year 14,542 -
Between one and five years 29,085 -
43,627 -

20. SECURED DEBTS

The following secured debts are included within creditors:

31.1.24 31.1.23
£    £   
Bank loans - 706,106

21. PROVISIONS FOR LIABILITIES
31.1.24 31.1.23
£    £   
Deferred tax
Capital allowances in excess of depreciation 512,000 347,995

Deferred
tax
£   
Balance at 1 February 2023 347,995
Charge to Income Statement during year 164,005
Balance at 31 January 2024 512,000

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.1.24 31.1.23
value: £    £   
100 Ordinary £1 100 100
15 'A' Non-Voting Ordinary £1 15 15
15 'B' Non-Voting Ordinary £1 15 15
135 'C' Non-Voting Ordinary £1 135 135
265 265

Called up share capital represents the nominal value of shares that have been issued.

'A' Non-Voting Ordinary shares have no rights to capital.

'B' and 'C' Non-Voting Ordinary shares are held only by full time working employees, are redeemable on cessation of employment ar par value and carry no rights to capital.

Cannon Hall Farm Ltd (Registered number: 04637412)

Notes to the Financial Statements - continued
for the year ended 31 January 2024

23. RESERVES
Retained Non-distributable
earnings reserves Totals
£    £    £   

At 1 February 2023 7,269,574 441 7,270,015
Profit for the year 1,663,531 1,663,531
Dividends (249,000 ) (249,000 )
Transfer gain on revaluation (115,948 ) 115,948 -
At 31 January 2024 8,568,157 116,389 8,684,546

Retained earnings includes all current and prior period retained profits and losses.

Non-distributable reserves incorporate all increases and decreases in the fair value of investment property to the extent that such decrease relates to an increase on the same asset.

24. CONTINGENT ASSETS

The company is continuing to negotiate with its insurers in respect of business interruption claims arising from the government's forced COVID lockdown measures. An interim payment of £100,000 was received and recognised in the prior year's financial statements, however the directors continue to pursue further amounts under the terms of the policy. As the amount cannot be reliably estimated at this time, no provision has been made in these financial statements.

25. CAPITAL COMMITMENTS
31.1.24 31.1.23
£    £   
Contracted but not provided for in the
financial statements 363,003 205,705

26. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
31.1.24 31.1.23
£    £   
Dividends paid by the company 192,000 192,000
Rent paid by the company 15,120 15,120
Amount due from related party 84,122 15,367

During the year the company advanced loans to the directors totalling £68,755 (2023: £15,367) which were outstanding at the year end.

All amounts due to and from related parties are unsecured, interest free and repayable on demand.

27. CONTROLLING PARTY

The controlling party is the directors.

28. GOVERNMENT GRANTS

Included within the Income Statement are amortised capital government grants of £30,162 (2023: £31,648). Government grants of a capital nature received in the year totalled £12,499 (2023: £0). Deferred government grants of £219,515 (2023: £237,178) will be included in future years' Income Statements.