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REGISTRAR OF COMPANIES

Registration number: 13043355

Hawthorn Farming Limited

Unaudited Financial Statements

31 March 2024

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Hawthorn Farming Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Hawthorn Farming 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 accounts of Hawthorn Farming Limited for the year ended 31 March 2024 as set out on pages 2 to 10 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 http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Hawthorn Farming Limited, as a body, in accordance with the terms of our engagement letter dated 17 May 2021. Our work has been undertaken solely to prepare for your approval the accounts of Hawthorn Farming Limited and state those matters that we have agreed to state to the Board of Directors of Hawthorn Farming Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hawthorn Farming Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Hawthorn Farming Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Hawthorn Farming Limited. You consider that Hawthorn Farming Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Hawthorn Farming 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 accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

19 September 2024

 

Hawthorn Farming Limited

(Registration number: 13043355)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

771

Tangible assets

5

4,703,687

3,701,528

 

4,703,687

3,702,299

Current assets

 

Stocks

1,178,226

1,236,552

Debtors

6

145,842

173,665

Cash at bank and in hand

 

-

1

 

1,324,068

1,410,218

Creditors: Amounts falling due within one year

7

(1,863,263)

(1,532,185)

Net current liabilities

 

(539,195)

(121,967)

Total assets less current liabilities

 

4,164,492

3,580,332

Creditors: Amounts falling due after more than one year

7

(3,783,768)

(3,282,464)

Provisions for liabilities

(83,248)

(56,132)

Net assets

 

297,476

241,736

Capital and reserves

 

Allotted, called up and fully paid share capital

3

3

Profit and loss account

297,473

241,733

Total equity

 

297,476

241,736

 

Hawthorn Farming Limited

(Registration number: 13043355)
Balance Sheet as at 31 March 2024 (continued)

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 September 2024 and signed on its behalf by:
 

.........................................

A J Marrow

Director

.........................................

D J Marrow

Director

.........................................

P Marrow

Director

 

Hawthorn Farming Limited

Notes to the Unaudited 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 and Wales.

The principal place of business is:
Hawthorn Farm
Minshull Lane
CHESHIRE
CW7 4DR

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company has net current liabilities at 31 March 2024 and meets its day to day working capital requirements through a short term loan from Adaptive Farming Limited, a company under common control, as well as short term loans from the directors. On the basis of this support, the directors consider it appropriate to prepare the financial statements on the going concern basis.

However, should the company not have the support of Adaptive Farming Limited and the directors, and therefore be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and current liabilities.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Government grants

Government grants such as the basic payment scheme are included in the profit and loss account when all the necessary conditions for receipt have been met.

 

Hawthorn Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)


Other grants
Other grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets on a basis consistent with the depreciation policy.

Basic payment scheme

The amount paid in connection with the purchase of the basic payment scheme entitlement was amortised over the useful economic life of that entitlement, and has now been fully amortised.

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

20 years straight line basis on buildings, land not depreciated

Plant and equipment

15% reducing balance basis

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Basic payment scheme

2 years straight line

 

Hawthorn Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Hawthorn Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 6).

 

Hawthorn Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Intangible assets

Basic payment scheme
 £

Total
£

Cost or valuation

At 1 April 2023

16,750

16,750

At 31 March 2024

16,750

16,750

Amortisation

At 1 April 2023

15,979

15,979

Amortisation charge

771

771

At 31 March 2024

16,750

16,750

Carrying amount

At 31 March 2024

-

-

At 31 March 2023

771

771

5

Tangible assets

Land and buildings
£

Plant and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

3,452,355

323,856

3,776,211

Additions

884,434

206,244

1,090,678

Disposals

-

(25,784)

(25,784)

At 31 March 2024

4,336,789

504,316

4,841,105

Depreciation

At 1 April 2023

24,438

50,245

74,683

Charge for the year

17,196

52,420

69,616

Eliminated on disposal

-

(6,881)

(6,881)

At 31 March 2024

41,634

95,784

137,418

Carrying amount

At 31 March 2024

4,295,155

408,532

4,703,687

At 31 March 2023

3,427,917

273,611

3,701,528

 

Hawthorn Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

6

Debtors

2024
£

2023
£

Trade debtors

104,924

169,915

Other debtors

40,918

3,750

145,842

173,665

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

659,636

577,309

Trade creditors

 

398,739

139,401

Taxation and social security

 

-

6,295

Corporation tax liability

 

-

19,915

Other creditors

 

804,888

789,265

 

1,863,263

1,532,185

Due after one year

 

Loans and borrowings

8

3,777,812

3,274,529

Other creditors

 

5,956

7,935

 

3,783,768

3,282,464

2024
£

2023
£

After more than five years by instalments

932,885

443,964

After more than five years not by instalments

2,363,519

2,363,519

3,296,404

2,807,483

 

Hawthorn Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

133,641

105,255

Bank overdrafts

57,877

14,544

Other borrowings

468,118

457,510

659,636

577,309

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

133,641

105,255

Bank overdrafts

57,877

14,544

191,518

119,799

Bank borrowings are secured by fixed and floating charges over the company's assets.

Bank overdrafts are secured by fixed and floating charges over the company's assets.

 

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

3,777,812

3,274,529

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

3,777,812

3,274,529

Bank borrowings are secured by fixed and floating charges over the company's assets.