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COMPANY REGISTRATION NUMBER: 01589624
Crossley Farms Limited
Unaudited financial statements
31 March 2024
Crossley Farms Limited
Statement of financial position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
1,948,806
2,046,521
Investments
6
107
107
-----------
-----------
1,948,913
2,046,628
Current assets
Stocks
533,651
490,629
Debtors
7
2,115,494
1,331,909
Cash at bank and in hand
1,125
-----------
-----------
2,649,145
1,823,663
Creditors: Amounts falling due within one year
8
( 2,663,421)
( 1,758,550)
-----------
-----------
Net current (liabilities)/assets
( 14,276)
65,113
-----------
-----------
Total assets less current liabilities
1,934,637
2,111,741
Creditors: Amounts falling due after more than one year
9
( 231,543)
( 282,416)
Provisions
Taxation including deferred tax
( 178,119)
( 204,906)
-----------
-----------
Net assets
1,524,975
1,624,419
-----------
-----------
Capital and reserves
Called up share capital
58,334
58,334
Share premium account
656,007
656,007
Profit and loss account
810,634
910,078
-----------
-----------
Shareholders funds
1,524,975
1,624,419
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Crossley Farms Limited
Statement of financial position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 4 November 2024 , and are signed on behalf of the board by:
The Right Hon. the Lord Somerleyton
Director
Company registration number: 01589624
Crossley Farms Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Manor Barn Estate Office, Herringfleet Road, Herringfleet, Lowestoft, Suffolk, NR32 5QS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Tenants property
-
2% straight line
Machinery and implements
-
20% reducing balance
Motor vehicles
-
20% reducing balance
Computer software and website
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of employees during the year was 15 (2023: 15 ).
5. Tangible assets
At 1 April 2023
Additions
Disposals
At 31 March 2024
£
£
£
£
Cost
Property
1,040,000
1,040,000
Tenants property
353,697
353,697
Machinery and implements
951,862
36,585
988,447
Motor vehicles
155,150
9,786
164,936
Herd
61,315
( 2,320)
58,995
Computer software and website
20,250
20,250
-----------
-------
------
-----------
2,582,274
46,371
( 2,320)
2,626,325
-----------
-------
------
-----------
At 1 April 2023
Charge for the year
At 31 March 2024
£
£
£
Depreciation
Property
Tenants property
39,707
7,075
46,782
Machinery and implements
420,940
112,852
533,792
Motor vehicles
56,502
20,647
77,149
Herd
Computer software and website
18,604
1,192
19,796
-----------
---------
---------
535,753
141,766
677,519
-----------
---------
---------
At 31 March 2024
At 31 March 2023
£
£
Carrying amount
Property
1,040,000
1,040,000
Tenants property
306,915
313,990
Machinery and implements
454,655
530,922
Motor vehicles
87,787
98,648
Herd
58,995
61,315
Computer software and website
454
1,646
-----------
-----------
1,948,806
2,046,521
-----------
-----------
6. Investments
Shares in group undertakings
£
Cost
At 1 April 2023 and 31 March 2024
107
----
Impairment
At 1 April 2023 and 31 March 2024
----
Carrying amount
At 31 March 2024
107
----
At 31 March 2023
107
----
The investment in Herringfleet Limited, a company registered in England and Wales, represents a holding of 100% of the issued share capital.
The investment in Somerleyton Marina Limited, a company registered in England and Wales, represents a holding of 76% of the issued share capital.
7. Debtors
2024
2023
£
£
Trade debtors
1,540,005
163,059
Amounts owed by group undertakings and undertakings in which the company has a participating interest
97,993
153,707
Other debtors
477,496
1,015,143
-----------
-----------
2,115,494
1,331,909
-----------
-----------
8. Creditors: Amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
204,269
1,032,215
Trade creditors
306,603
134,896
Social security and other taxes
31,302
31,587
Other creditors
2,121,247
559,852
-----------
-----------
2,663,421
1,758,550
-----------
-----------
The bank overdraft facility is secured on assets owned by The Right Hon. the Lord Somerleyton personally. Hire purchase liabilities are secured on the assets concerned.
9. Creditors: Amounts falling due after more than one year
2024
2023
£
£
Other creditors
231,543
282,416
---------
---------
Hire purchase liabilities are secured on the assets concerned.
10. Directors' advances, credits and guarantees
At 31 March 2024 the company owed The Right Hon. the Lord Somerleyton £1,587,931 (2023: £88,362), being the balance on his current account.