Registered number
08014604
Heard Farms Limited
Unaudited Filleted Accounts
31 July 2024
Heard Farms Limited
Registered number: 08014604
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,820,483 1,871,433
Current assets
Debtors 4 13,436 15,463
Creditors: amounts falling due within one year 5 (290,822) (372,636)
Net current liabilities (277,386) (357,173)
Total assets less current liabilities 1,543,097 1,514,260
Creditors: amounts falling due after more than one year 6 (800,000) (800,000)
Provisions for liabilities (13,510) (11,353)
Net assets 729,587 702,907
Capital and reserves
Called up share capital 100 100
Profit and loss account 729,487 702,807
Shareholders' funds 729,587 702,907
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S J Heard
Director
Approved by the board on 6 November 2024
Heard Farms Limited
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Rentals received under operating leases are credited to revenue on a straight line basis over the lease term.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold costs over the lease term
Plant, machinery and motor 10% - 33% on cost
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Leasehold costs Plant, machinery & motor Land and buildings Total
£ £ £ £
Cost
At 1 August 2023 180,998 347,468 1,644,741 2,173,207
Additions - 115,904 - 115,904
Disposals - (65,020) - (65,020)
At 31 July 2024 180,998 398,352 1,644,741 2,224,091
Depreciation
At 1 August 2023 114,675 118,193 68,906 301,774
Charge for the year 37,898 57,159 32,893 127,950
On disposals - (26,116) - (26,116)
At 31 July 2024 152,573 149,236 101,799 403,608
Net book value
At 31 July 2024 28,425 249,116 1,542,942 1,820,483
At 31 July 2023 66,323 229,275 1,575,835 1,871,433
4 Debtors 2024 2023
£ £
Trade debtors 5,042 4,556
Other debtors 8,394 10,907
13,436 15,463
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 53,271 49,764
Amounts owed to group undertakings and undertakings in which the company has a participating interest 4,589 -
Taxation and social security costs 36,466 45,218
Other creditors 196,496 277,654
290,822 372,636
6 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors 800,000 800,000
7 Loans 2024 2023
£ £
Creditors include:
Secured bank overdraft 53,271 49,764
Fixed and floating charge over all assets.
8 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 4,346 15,971
9 Other information
Heard Farms Limited is a private company limited by shares and incorporated in England. Its registered office is:
Barn Farm
Illston On The Hill
Leicester
LE7 9EJ
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