Caseware UK (AP4) 2023.0.135 2023.0.135 2023-04-01falseNo description of principal activity33falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12930038 2023-04-01 2024-03-31 12930038 2022-04-01 2023-03-31 12930038 2024-03-31 12930038 2023-03-31 12930038 c:Director2 2023-04-01 2024-03-31 12930038 d:PlantMachinery 2023-04-01 2024-03-31 12930038 d:PlantMachinery 2024-03-31 12930038 d:PlantMachinery 2023-03-31 12930038 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 12930038 d:CurrentFinancialInstruments 2024-03-31 12930038 d:CurrentFinancialInstruments 2023-03-31 12930038 d:Non-currentFinancialInstruments 2024-03-31 12930038 d:Non-currentFinancialInstruments 2023-03-31 12930038 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 12930038 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 12930038 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 12930038 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 12930038 d:ShareCapital 2024-03-31 12930038 d:ShareCapital 2023-03-31 12930038 d:RetainedEarningsAccumulatedLosses 2024-03-31 12930038 d:RetainedEarningsAccumulatedLosses 2023-03-31 12930038 c:FRS102 2023-04-01 2024-03-31 12930038 c:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 12930038 c:FullAccounts 2023-04-01 2024-03-31 12930038 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 12930038 d:HirePurchaseContracts d:WithinOneYear 2024-03-31 12930038 d:HirePurchaseContracts d:WithinOneYear 2023-03-31 12930038 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-03-31 12930038 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-03-31 12930038 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 12930038










AR Farming Ltd








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 March 2024

 
AR Farming Ltd
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of AR Farming Ltd for the year ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of AR Farming Ltd for the year 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 AR Farming Ltd, 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 AR Farming Ltd and state those matters that we have agreed to state to the Board of directors of AR Farming Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than AR Farming Ltd and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that AR Farming Ltd 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 loss of AR Farming Ltd. You consider that AR Farming Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of AR Farming Ltd. 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.

  



Kreston Reeves LLP
 
Chartered Accountants
  
Montague Place
Quayside
Chatham Maritime
Chatham
Kent
ME4 4QU
24 September 2024
Page 1

 
AR Farming Ltd
Registered number: 12930038

Balance sheet
As at 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
318,185
212,539

  
318,185
212,539

Current assets
  

Debtors: amounts falling due within one year
 5 
39,802
14,869

Cash at bank and in hand
  
43,406
49,540

  
83,208
64,409

Creditors: amounts falling due within one year
 6 
(137,034)
(232,011)

Net current liabilities
  
 
 
(53,826)
 
 
(167,602)

Total assets less current liabilities
  
264,359
44,937

Creditors: amounts falling due after more than one year
 7 
(403,510)
(106,717)

  

Net liabilities
  
(139,151)
(61,780)


Capital and reserves
  

Called up share capital 
  
200
200

Profit and loss account
  
(139,351)
(61,980)

  
(139,151)
(61,780)


The directors consider 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 directors acknowledge their 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 income and retained earnings 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 on 24 September 2024.




R J Castle
Director

The notes on pages 4 to 7 form part of these financial statements.
Page 2

 
AR Farming Ltd
Registered number: 12930038

Balance sheet (continued)
As at 31 March 2024


Page 3

 
AR Farming Ltd
 

 
Notes to the financial statements
For the year ended 31 March 2024

1.


General information

AR Farming Ltd is a limited liability company incorporated in England and Wales with the registration number 12930038. The address of the registered office and principal place of business is Mackays Court High Street, Lower Stoke, Rochester, Kent, ME3 9RJ. The principal activity of the company is contract farming.

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

Going concern

The directors have considered the company’s future trading prospects, working capital requirements and cashflows and we feel that the going concern basis is appropriate for the preparation of the financial statements for the period under review. The considerations have covered a period of not less than 12 months from the date of the approval of the financial statements.

 
2.3

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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
AR Farming Ltd
 

 
Notes to the financial statements
For the year ended 31 March 2024

2.Accounting policies (continued)

 
2.4

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.

 
2.5

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.

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:

Plant and machinery
-
20%

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.

 
2.6

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.

 
2.7

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.

 
2.8

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.

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Page 5

 
AR Farming Ltd
 

 
Notes to the financial statements
For the year ended 31 March 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)


Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees




The average monthly number of employees, including directors, during the year was 3 (2023 - 3).


4.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 April 2023
252,118


Additions
181,970


Disposals
(2,256)



At 31 March 2024

431,832



Depreciation


At 1 April 2023
39,579


Charge for the year on owned assets
74,661


Disposals
(593)



At 31 March 2024

113,647



Net book value



At 31 March 2024
318,185



At 31 March 2023
212,539

Page 6

 
AR Farming Ltd
 

 
Notes to the financial statements
For the year ended 31 March 2024

5.


Debtors

2024
2023
£
£


Trade debtors
20,397
591

Other debtors
15,792
10,840

Prepayments and accrued income
3,613
3,438

39,802
14,869



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
32,310
28,629

Obligations under finance lease and hire purchase contracts
65,367
33,700

Other creditors
-
130,571

Accruals and deferred income
39,357
39,111

137,034
232,011



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
104,683
106,717

Other creditors
298,827
-

403,510
106,717



8.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
65,367
33,700

Between 1-5 years
104,683
106,717

170,050
140,417


Page 7