Company registration number 07229858 (England and Wales)
SAMWORTH FARMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
SAMWORTH FARMS LIMITED
COMPANY INFORMATION
Director
Mr R N J S Price
Company number
07229858
Registered office
Farm Office, Stragglethorpe Grainstore
Nottingham Road
Cropwell Bishop
Nottingham
NG12 2JU
Accountants
Ellacotts LLP
Vantage House
2700 Kettering Parkway
Kettering Venture Park
Kettering
Northamptonshire
NN15 6XR
SAMWORTH FARMS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10
SAMWORTH FARMS LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SAMWORTH FARMS LIMITED FOR THE PERIOD ENDED 31 MARCH 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Samworth Farms Limited for the period ended 31 March 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Samworth Farms Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Samworth Farms Limited and state those matters that we have agreed to state to the Board of Directors of Samworth Farms Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Samworth Farms Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Samworth Farms Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Samworth Farms Limited. You consider that Samworth Farms Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Samworth Farms Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ellacotts LLP
Chartered Accountants
Vantage House
2700 Kettering Parkway
Kettering Venture Park
Kettering
Northamptonshire
NN15 6XR
Date:
30 October 2024
SAMWORTH FARMS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
31 March 2024
30 September 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,696,299
3,154,653
Investments
5
225,120
225,120
2,921,419
3,379,773
Current assets
Stocks
289,872
520,675
Debtors
6
461,844
1,298,451
Investments
7
83,679
-
0
Cash at bank and in hand
197,840
81,883
1,033,235
1,901,009
Creditors: amounts falling due within one year
8
(601,600)
(1,569,247)
Net current assets
431,635
331,762
Total assets less current liabilities
3,353,054
3,711,535
Creditors: amounts falling due after more than one year
9
(567,680)
(1,064,281)
Provisions for liabilities
(314,617)
(411,341)
Net assets
2,470,757
2,235,913
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
2,470,657
2,235,813
Total equity
2,470,757
2,235,913

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

SAMWORTH FARMS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 30 October 2024
Mr R N J S Price
Director
Company registration number 07229858 (England and Wales)
SAMWORTH FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information

Samworth Farms Limited is a private company limited by shares incorporated in England and Wales. The registered office is Farm Office, Stragglethorpe Grainstore, Nottingham Road, Cropwell Bishop, Nottingham, NG12 2JU.

1.1
Reporting period

The financial statements are presented for a period longer than one year. The reason for this is to align the period end with associated unincorporated entities. As a result, comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover is recognised as the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Farming income

 

Turnover from the sales of crops and other farm produce represents the net invoiced amounts of produce sold, and is recognised upon evidence of delivery.

 

Contracting income

 

Turnover from contracts for the provision of professional farming services represents the net invoiced amounts for services provided. Where contracting services are ongoing, turnover is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably.

 

Photovoltaic income

 

The company recognises turnover in relation to photovoltaic income from solar panels in the period in which energy has been supplied. Where amounts receivable cannot be accurately measured for periods close to the year-end, best estimates are recognised as receivable and accrued.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

SAMWORTH FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
4% reducing balance
Storage containers
15% reducing balance
Plant, machinery & office equipment
15-33% reducing balance
Motor vehicles
20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

SAMWORTH FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the asset's fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

SAMWORTH FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
1.14
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
2022
Number
Number
Total
7
7
SAMWORTH FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 8 -
4
Tangible fixed assets
Leasehold land and buildings
Storage containers
Plant, machinery & office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2022
1,769,718
288,238
2,399,955
8,529
4,466,440
Additions
-
0
38,400
152,168
23,500
214,068
Disposals
-
0
(6,362)
(432,113)
(1,200)
(439,675)
At 31 March 2024
1,769,718
320,276
2,120,010
30,829
4,240,833
Depreciation and impairment
At 1 October 2022
376,719
67,589
865,858
1,621
1,311,787
Depreciation charged in the period
53,848
53,989
332,386
4,282
444,505
Eliminated in respect of disposals
-
0
(3,070)
(207,539)
(1,149)
(211,758)
At 31 March 2024
430,567
118,508
990,705
4,754
1,544,534
Carrying amount
At 31 March 2024
1,339,151
201,768
1,129,305
26,075
2,696,299
At 30 September 2022
1,392,999
220,649
1,534,097
6,908
3,154,653
5
Fixed asset investments
2024
2022
£
£
Shares in group undertakings and participating interests
225,120
225,120
6
Debtors
2024
2022
Amounts falling due within one year:
£
£
Trade debtors
231,101
769,131
Corporation tax recoverable
-
0
15,467
Other debtors
12
14,685
Prepayments and accrued income
230,731
499,168
461,844
1,298,451
SAMWORTH FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 9 -
7
Current asset investments
2024
2022
£
£
Other investments
83,679
-
0

Current asset investments is the profit share from J C Samworth Farms partnership for the period ending 31 March 2024.

8
Creditors: amounts falling due within one year
2024
2022
£
£
Bank loans
67,945
76,501
Obligations under finance leases
40,349
135,834
Trade creditors
156,295
688,069
Amounts owed to undertakings in which the company has a participating interest
-
0
165,058
Corporation tax
204,789
294,514
Other taxation and social security
71,922
5,096
Other creditors
27,775
22,289
Accruals and deferred income
32,525
181,886
601,600
1,569,247

Secured loans

 

Bank loans and overdrafts are secured by way of a charge against the assets of the company.

 

Net obligations under finance leases and hire purchase contracts amounting to £40,349 (2022- £135,834) are secured against the assets to which they relate.

9
Creditors: amounts falling due after more than one year
2024
2022
£
£
Bank loans and overdrafts
558,764
627,876
Other creditors
8,916
436,405
567,680
1,064,281

Secured loans

 

Bank loans are secured by way of a charge against the assets of the company. The long term debt is from Barclays and the interest rate is variable at the base rate plus 1.9%.

 

Within other creditors, net obligations under finance leases and hire purchase contracts amounting to £8,916 (2022 - £11,699) are secured against the assets to which they relate.

SAMWORTH FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
9
Creditors: amounts falling due after more than one year
(Continued)
- 10 -
Creditors which fall due after five years are as follows:
2024
2022
£
£
Payable by instalments
425,208
244,302
10
Operating lease commitments
Lessee

Operating lease payments represent rentals payable by the company for a grainstore. The lease has been negotiated for a term of 27 years and rentals are fixed for 27 years at a rent of £5,500 per annum.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2022
£
£
60,500
68,750
11
Related party transactions

The following amounts were outstanding at the reporting end date:

2024
2022
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
-
0
424,706
Other information

No transactions with related parties were undertaken such as are required to be disclosed under FRS102 Section 1A.

12
Parent company

The ultimate controlling party are the Trustees of The Grove Settlement.

2024-03-312022-10-01false30 October 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityMr R N J S Pricefalsefalse072298582022-10-012024-03-3107229858bus:Director12022-10-012024-03-3107229858bus:RegisteredOffice2022-10-012024-03-31072298582024-03-31072298582022-09-3007229858core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-03-3107229858core:LeaseholdImprovements2024-03-3107229858core:PlantMachinery2024-03-3107229858core:MotorVehicles2024-03-3107229858core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-09-3007229858core:LeaseholdImprovements2022-09-3007229858core:PlantMachinery2022-09-3007229858core:MotorVehicles2022-09-3007229858core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3107229858core:CurrentFinancialInstrumentscore:WithinOneYear2022-09-3007229858core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3107229858core:Non-currentFinancialInstrumentscore:AfterOneYear2022-09-3007229858core:CurrentFinancialInstruments2024-03-3107229858core:CurrentFinancialInstruments2022-09-3007229858core:Non-currentFinancialInstruments2024-03-3107229858core:Non-currentFinancialInstruments2022-09-3007229858core:ShareCapital2024-03-3107229858core:ShareCapital2022-09-3007229858core:RetainedEarningsAccumulatedLosses2024-03-3107229858core:RetainedEarningsAccumulatedLosses2022-09-3007229858core:LandBuildingscore:LongLeaseholdAssets2022-10-012024-03-3107229858core:LeaseholdImprovements2022-10-012024-03-3107229858core:PlantMachinery2022-10-012024-03-3107229858core:MotorVehicles2022-10-012024-03-31072298582021-10-012022-09-3007229858core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-09-3007229858core:LeaseholdImprovements2022-09-3007229858core:PlantMachinery2022-09-3007229858core:MotorVehicles2022-09-30072298582022-09-3007229858core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-10-012024-03-3107229858core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2024-03-3107229858bus:PrivateLimitedCompanyLtd2022-10-012024-03-3107229858bus:SmallCompaniesRegimeForAccounts2022-10-012024-03-3107229858bus:FRS1022022-10-012024-03-3107229858bus:AuditExemptWithAccountantsReport2022-10-012024-03-3107229858bus:FullAccounts2022-10-012024-03-31xbrli:purexbrli:sharesiso4217:GBP