Caseware UK (AP4) 2023.0.135 2023.0.135 2023-04-01falseThe principal activity of the company is farming and the management of its property portfolio, including maintenance and repair of existing units, as well as conversion of farm out-buildings into new units.88truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 00503169 2023-04-01 2024-03-31 00503169 2022-01-01 2023-03-31 00503169 2024-03-31 00503169 2023-03-31 00503169 2022-01-01 00503169 1 2023-04-01 2024-03-31 00503169 1 2022-01-01 2023-03-31 00503169 5 2023-04-01 2024-03-31 00503169 5 2022-01-01 2023-03-31 00503169 d:Director1 2023-04-01 2024-03-31 00503169 e:Buildings 2023-04-01 2024-03-31 00503169 e:Buildings 2024-03-31 00503169 e:Buildings 2023-03-31 00503169 e:Buildings e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00503169 e:Buildings e:LongLeaseholdAssets 2023-04-01 2024-03-31 00503169 e:Buildings e:LongLeaseholdAssets 2024-03-31 00503169 e:Buildings e:LongLeaseholdAssets 2023-03-31 00503169 e:MotorVehicles 2023-04-01 2024-03-31 00503169 e:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 00503169 e:OtherPropertyPlantEquipment 2024-03-31 00503169 e:OtherPropertyPlantEquipment 2023-03-31 00503169 e:OtherPropertyPlantEquipment e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00503169 e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00503169 e:ComputerSoftware 2024-03-31 00503169 e:ComputerSoftware 2023-03-31 00503169 e:CurrentFinancialInstruments 2024-03-31 00503169 e:CurrentFinancialInstruments 2023-03-31 00503169 e:Non-currentFinancialInstruments 2024-03-31 00503169 e:Non-currentFinancialInstruments 2023-03-31 00503169 e:CurrentFinancialInstruments e:WithinOneYear 2024-03-31 00503169 e:CurrentFinancialInstruments e:WithinOneYear 2023-03-31 00503169 e:Non-currentFinancialInstruments e:AfterOneYear 2024-03-31 00503169 e:Non-currentFinancialInstruments e:AfterOneYear 2023-03-31 00503169 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2024-03-31 00503169 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-03-31 00503169 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2024-03-31 00503169 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-03-31 00503169 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2024-03-31 00503169 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2023-03-31 00503169 e:ShareCapital 2023-04-01 2024-03-31 00503169 e:ShareCapital 2024-03-31 00503169 e:ShareCapital 2022-01-01 2023-03-31 00503169 e:ShareCapital 2023-03-31 00503169 e:ShareCapital 2022-01-01 00503169 e:CapitalRedemptionReserve 2023-04-01 2024-03-31 00503169 e:CapitalRedemptionReserve 2024-03-31 00503169 e:CapitalRedemptionReserve 1 2023-04-01 2024-03-31 00503169 e:CapitalRedemptionReserve 2022-01-01 2023-03-31 00503169 e:CapitalRedemptionReserve 2023-03-31 00503169 e:CapitalRedemptionReserve 2022-01-01 00503169 e:RevaluationReserve 2023-04-01 2024-03-31 00503169 e:RevaluationReserve 2024-03-31 00503169 e:RevaluationReserve 1 2023-04-01 2024-03-31 00503169 e:RevaluationReserve 5 2023-04-01 2024-03-31 00503169 e:RevaluationReserve 2022-01-01 2023-03-31 00503169 e:RevaluationReserve 2023-03-31 00503169 e:RevaluationReserve 2022-01-01 00503169 e:RevaluationReserve 1 2022-01-01 2023-03-31 00503169 e:RevaluationReserve 5 2022-01-01 2023-03-31 00503169 e:RevaluationReserve 8 2022-01-01 2023-03-31 00503169 e:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 00503169 e:RetainedEarningsAccumulatedLosses 2024-03-31 00503169 e:RetainedEarningsAccumulatedLosses 1 2023-04-01 2024-03-31 00503169 e:RetainedEarningsAccumulatedLosses 2022-01-01 2023-03-31 00503169 e:RetainedEarningsAccumulatedLosses 2023-03-31 00503169 e:RetainedEarningsAccumulatedLosses 2022-01-01 00503169 e:RetainedEarningsAccumulatedLosses 1 2022-01-01 2023-03-31 00503169 d:FRS102 2023-04-01 2024-03-31 00503169 d:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 00503169 d:FullAccounts 2023-04-01 2024-03-31 00503169 d:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 00503169 e:WithinOneYear 2024-03-31 00503169 e:WithinOneYear 2023-03-31 00503169 e:BetweenOneFiveYears 2024-03-31 00503169 e:BetweenOneFiveYears 2023-03-31 00503169 e:MoreThanFiveYears 2024-03-31 00503169 e:MoreThanFiveYears 2023-03-31 00503169 e:AcceleratedTaxDepreciationDeferredTax 2024-03-31 00503169 e:AcceleratedTaxDepreciationDeferredTax 2023-03-31 00503169 e:OtherDeferredTax 2024-03-31 00503169 e:OtherDeferredTax 2023-03-31 00503169 2 2023-04-01 2024-03-31 00503169 5 2023-04-01 2024-03-31 00503169 e:ShareCapital 1 2023-04-01 2024-03-31 00503169 e:ShareCapital 1 2022-01-01 2023-03-31 00503169 e:ComputerSoftware e:OwnedIntangibleAssets 2023-04-01 2024-03-31 00503169 f:PoundSterling 2023-04-01 2024-03-31 00503169 e:RetainedEarningsAccumulatedLosses 5 2023-04-01 2024-03-31 00503169 e:RetainedEarningsAccumulatedLosses 5 2022-01-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 00503169










Newdigate Farms Limited








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 March 2024

 
Newdigate Farms Limited
 
  
Chartered Accountants' Report to the Director on the preparation of the Unaudited Statutory Financial Statements of Newdigate Farms Limited 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 Newdigate Farms Limited for the year ended 31 March 2024 which comprise  the Balance Sheet, the Statement of Changes in Equity 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 director of Newdigate Farms Limited in accordance with the terms of our engagement letter dated 17 July 2023Our work has been undertaken solely to prepare for your approval the financial statements of Newdigate Farms Limited and state those matters that we have agreed to state to the director of Newdigate Farms Limited 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 Newdigate Farms Limited and its director for our work or for this report. 

It is your duty to ensure that Newdigate 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 Newdigate Farms Limited. You consider that Newdigate Farms Limited 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 Newdigate 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.

  



Kreston Reeves LLP
Chartered Accountants
Springfield House
Springfield Road
Horsham
West Sussex
RH12 2RG
25 October 2024
Page 1

 
Newdigate Farms Limited
Registered number: 00503169

Balance Sheet
As at 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
1,295
1,717

Tangible assets
 5 
7,088,946
7,086,108

  
7,090,241
7,087,825

Current assets
  

Stocks
  
31,727
22,095

Debtors
 6 
47,437
60,294

Cash at bank and in hand
  
165,912
76,332

  
245,076
158,721

Creditors: amounts falling due within one year
 7 
(215,056)
(154,420)

Net current assets
  
 
 
30,020
 
 
4,301

Total assets less current liabilities
  
7,120,261
7,092,126

Creditors: amounts falling due after more than one year
 8 
(92,717)
(95,868)

Provisions for liabilities
  

Deferred tax
 10 
(1,479,042)
(1,497,219)

  
 
 
(1,479,042)
 
 
(1,497,219)

Net assets
  
5,548,502
5,499,039


Capital and reserves
  

Called up share capital 
  
15,000
15,000

Revaluation reserve
  
4,164,192
4,201,692

Capital redemption reserve
  
16,093
16,093

Profit and loss account
  
1,353,217
1,266,254

  
5,548,502
5,499,039


Page 2

 
Newdigate Farms Limited
Registered number: 00503169

Balance Sheet (continued)
As at 31 March 2024

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: 




................................................
C T Frost
Director
Date: 21 October 2024

The notes on pages 5 to 14 form part of these financial statements.

Page 3

 
Newdigate Farms Limited
 

Statement of Changes in Equity
For the Year Ended 31 March 2024


Called up share capital
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 January 2022
15,000
16,093
3,114,874
1,181,592
4,327,559


Comprehensive income for the period

Profit for the period
-
-
-
139,205
139,205

Surplus on revaluation of freehold property
-
-
1,449,091
-
1,449,091

Deferred taxation
-
-
(362,273)
-
(362,273)
Total comprehensive income for the period
-
-
1,086,818
139,205
1,226,023

Dividends: Equity capital
-
-
-
(54,543)
(54,543)


Total transactions with owners
-
-
-
(54,543)
(54,543)



At 1 April 2023
15,000
16,093
4,201,692
1,266,254
5,499,039


Comprehensive income for the year

Profit for the year
-
-
-
102,963
102,963

Transfer from revaluation reserve
-
-
-
50,000
50,000

Deferred taxation
-
-
12,500
-
12,500

Dividends: Equity capital
-
-
-
(66,000)
(66,000)

Transfer to profit and loss account
-
-
(50,000)
-
(50,000)


Total transactions with owners
-
-
(50,000)
(66,000)
(116,000)


At 31 March 2024
15,000
16,093
4,164,192
1,353,217
5,548,502


The notes on pages 5 to 14 form part of these financial statements.

Page 4

 
Newdigate Farms Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 March 2024

1.


General information

The company is a private company, limited by share capital, incorporated in England, within the United Kingdom. The registered office address is: Springfield House, Springfield Road, Horsham, West Sussex, RH12 2RG.
The financial statements are presented in Sterling and are rounded to the nearest £1.

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 from the sale of goods is recognised when the Company has transferred the significant risks and rewards of ownership to the buyer, the amount of revenue can be measured reliably, the costs incurred or to be incurred in respect of the transaction can be measured reliably, and it is probable that the Company will receive the consideration due under the transaction. 
Revenue from services provided is recognised in the period in which the service is provided, the amount of revenue can be measured reliably,and it is probable that the Company will receive the consideration due under the transaction. 
Revenue from the sale of both goods and services is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.3

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

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 5

 
Newdigate Farms Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 March 2024

2.Accounting policies (continued)

 
2.6

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.

 
2.7

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 January 2022 to continue to be charged over the period to the first market rent review rather than the term of the lease.

 
2.8

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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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.

 The estimated useful lives range as follows:

Website costs
-
10 years straight line

Page 6

 
Newdigate Farms Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 March 2024

2.Accounting policies (continued)

 
2.9

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight line or reducing balance basis.

Depreciation is provided on the following basis:

Land and freehold property
 - Freehold buildings
 - Tenants improvement
-
 
 Not depreciated
 2% per annum on a straight line basis
Fixtures and Fittings  
 - Computer equipment
 - Integral features
 - Farm Equipment
-
 
33.33% per annum on a straight line basis
20% per annum on a reducing balance basis
20% per annum on a reducing balance basis
Motor vehicles  - Tractors and vehicles
-
 
40% per annum on a reducing balance basis

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.

 
2.10

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.

Page 7

 
Newdigate Farms Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 March 2024

2.Accounting policies (continued)

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out 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.

 
2.12

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.13

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.

 
2.14

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.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.16

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 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.

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.
 
Page 8

 
Newdigate Farms Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 March 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)


Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2023 - 8).

Page 9

 
Newdigate Farms Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 March 2024

4.


Intangible assets




Website costs

£



Cost


At 1 April 2023
4,220



At 31 March 2024

4,220



Amortisation


At 1 April 2023
2,503


Charge for the year on owned assets
422



At 31 March 2024

2,925



Net book value



At 31 March 2024
1,295



At 31 March 2023
1,717



Page 10

 
Newdigate Farms Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 March 2024

5.


Tangible fixed assets





Land and freehold property
Tenant leasehold improvements
Furniture, fittings, and equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2023
6,160,000
649,264
887,038
7,696,302


Additions
1,396
89,752
56,796
147,944


Disposals
(50,000)
-
(238,016)
(288,016)



At 31 March 2024

6,111,396
739,016
705,818
7,556,230



Depreciation


At 1 April 2023
-
67,886
542,308
610,194


Charge for the year on owned assets
-
13,021
78,324
91,345


Disposals
-
-
(234,255)
(234,255)



At 31 March 2024

-
80,907
386,377
467,284



Net book value



At 31 March 2024
6,111,396
658,109
319,441
7,088,946



At 31 March 2023
6,160,000
581,378
344,730
7,086,108


The freehold land and property was valued on 7 July 2022 by Batcheller Monkhouse, Chartered Surveyors, who are external to the company. The freehold land and property is considered to have a market value of £6,160,000.

If the land and properties had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£



Cost
572,579
571,182

Net book value
572,579
571,182

Page 11

 
Newdigate Farms Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 March 2024

6.


Debtors


2024
2023
£
£

Trade debtors
20,802
13,402

Other debtors
1,049
34,857

Prepayments and accrued income
25,586
12,035

47,437
60,294



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
3,378
3,381

Trade creditors
16,391
19,609

Corporation tax
45,105
16,771

Other taxation and social security
4,803
-

Other creditors
101,153
82,220

Accruals and deferred income
44,226
32,439

215,056
154,420



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
92,717
95,868

92,717
95,868


Page 12

 
Newdigate Farms Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 March 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
3,378
3,381


3,378
3,381

Amounts falling due 1-2 years

Bank loans
3,378
3,381


3,378
3,381

Amounts falling due 2-5 years

Bank loans
10,135
10,144


10,135
10,144

Amounts falling due after more than 5 years

Bank loans
79,204
82,343

79,204
82,343

96,095
99,249


The loan of £96,095 (2023 - £99,249) is secured on a fixed charge over the freehold property Dean House Farm, Church Road, Newdigate, Dorking, Surrey RH5 5DL.

Page 13

 
Newdigate Farms Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 March 2024

10.


Deferred taxation




2024


£






At beginning of year
(1,497,219)


Charged to profit or loss
5,677


Charged to other comprehensive income
12,500



At end of year
(1,479,042)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(88,289)
(93,966)

Revaluation of freehold land and buildings
(1,390,753)
(1,403,253)

(1,479,042)
(1,497,219)


11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £2,277 (2023 - £2,564). Contributions totalling £Nil (2023 - £Nil) were payable to the fund at the balance sheet date.


12.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Narrowboat Motty < 1 year
1,100
1,200

Narrowboat Motty 1-2 years
-
1,100

Greens Farm > 5 years
24,000
24,000

25,100
26,300


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