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Registered number: 04480604










HAZELL AND JEFFERIES FARMS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2023

 
HAZELL AND JEFFERIES FARMS LIMITED
REGISTERED NUMBER: 04480604

BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 5 
-
1

Tangible assets
 6 
3,789,618
2,741,025

  
3,789,618
2,741,026

Current assets
  

Stocks
 7 
36,211
29,462

Debtors: amounts falling due within one year
 8 
65,876
23,525

Cash at bank and in hand
  
61,571
144,834

  
163,658
197,821

  

Creditors: amounts falling due within one year
 9 
(116,773)
(55,891)

Net current assets
  
 
 
46,885
 
 
141,930

Total assets less current liabilities
  
3,836,503
2,882,956

Provisions for liabilities
  

Deferred tax
 10 
-
(1,732)

  
 
 
-
 
 
(1,732)

Net assets
  
3,836,503
2,881,224


Capital and reserves
  

Called up share capital 
  
500
500

Revaluation reserve
  
394,909
394,909

Other reserves
  
500
500

Profit and loss account
  
3,440,594
2,485,315

  
3,836,503
2,881,224


Page 1

 
HAZELL AND JEFFERIES FARMS LIMITED
REGISTERED NUMBER: 04480604

BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




R E Hazell
Director

Date: 29 October 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
HAZELL AND JEFFERIES FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

Hazell and Jefferies Farms Limited is a limited liability company incorporated in England and Wales. 
The address of its registered office and principal place of business is Mount Pleasant Farm, Coombe End, Whitchurch Hill, Pangbourne, Berkshire, RG8 7TB.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
HAZELL AND JEFFERIES FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.5

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Cost of Basic Payment Scheme entitlements is the estimated market value of the entitlements at the date of grant of these entitlements.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
HAZELL AND JEFFERIES FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
Nil
Plant and machinery
-
25%
Property improvements
-
10%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

  
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, net realisable valu being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a normal farming practice basis.
At each balance sheet date, stocks are assessed for impairment. If stock is 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.

  
2.10

Biological Assets

Cattle are recognised as biological assets and are accounted for at fair value in accordance with FRS 102.  Biological assets are revalued annually and not depreciated. 

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
HAZELL AND JEFFERIES FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term 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.


3.


Other operating income

2023
2022
£
£

Sundry income
-
1,200

-
1,200



4.


Employees

2023
2022
£
£

Wages and salaries
13,226
14,691

Social security costs
1,330
1,658

Cost of defined contribution scheme
224
365

14,780
16,714


The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 6

 
HAZELL AND JEFFERIES FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

5.


Intangible assets




BPS Entitlement

£





At 1 November 2022
57,207


Disposals
(57,207)



At 31 October 2023

-





At 1 November 2022
57,206


On disposals
(57,206)



At 31 October 2023

-



Net book value



At 31 October 2023
-



At 31 October 2022
1



Page 7

 
HAZELL AND JEFFERIES FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

6.


Tangible fixed assets





Freehold property
Plant and machinery
Property improvements
Total

£
£
£
£



Cost or valuation


At 1 November 2022
2,726,175
560,794
50,623
3,337,592


Additions
1,188,444
-
-
1,188,444


Disposals
(132,299)
-
-
(132,299)



At 31 October 2023

3,782,320
560,794
50,623
4,393,737



Depreciation


At 1 November 2022
-
546,056
50,511
596,567


Charge for the year on owned assets
-
7,440
112
7,552



At 31 October 2023

-
553,496
50,623
604,119



Net book value



At 31 October 2023
3,782,320
7,298
-
3,789,618



At 31 October 2022
2,726,175
14,738
112
2,741,025

Page 8

 
HAZELL AND JEFFERIES FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

7.


Stocks

2023
2022
£
£

Hay, silage and straw
17,011
13,462

Biological assets
19,200
16,000

36,211
29,462



8.


Debtors

2023
2022
£
£


Trade debtors
7,905
-

Amounts owed by group undertakings
37,465
-

Other debtors
-
10,067

Prepayments and accrued income
18,827
13,458

Deferred taxation
1,679
-

65,876
23,525



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
-
1,165

Corporation tax
-
7,527

Other taxation and social security
7,108
-

Other creditors
101,360
44,028

Accruals and deferred income
8,305
3,171

116,773
55,891


Page 9

 
HAZELL AND JEFFERIES FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

10.


Deferred taxation




2023


£






At beginning of year
(1,732)


Charged to profit or loss
3,411



At end of year
1,679

The deferred taxation balance is made up as follows:

2023
2022
£
£


Fixed asset timing differences
(391)
(1,732)

Losses and other deductions
2,070
-

1,679
(1,732)



Page 10