Caseware UK (AP4) 2023.0.135 2023.0.135 false2023-04-01falseThe principal activity of the company is that of a dairy farm44truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07164009 2023-04-01 2024-03-31 07164009 2022-04-01 2023-03-31 07164009 2024-03-31 07164009 2023-03-31 07164009 c:Director1 2023-04-01 2024-03-31 07164009 d:MotorVehicles 2023-04-01 2024-03-31 07164009 d:MotorVehicles 2024-03-31 07164009 d:MotorVehicles 2023-03-31 07164009 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07164009 d:FurnitureFittings 2023-04-01 2024-03-31 07164009 d:FurnitureFittings 2024-03-31 07164009 d:FurnitureFittings 2023-03-31 07164009 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07164009 d:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 07164009 d:OtherPropertyPlantEquipment 2024-03-31 07164009 d:OtherPropertyPlantEquipment 2023-03-31 07164009 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07164009 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07164009 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-04-01 2024-03-31 07164009 d:CopyrightsPatentsTrademarksServiceOperatingRights 2024-03-31 07164009 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-03-31 07164009 d:CurrentFinancialInstruments 2024-03-31 07164009 d:CurrentFinancialInstruments 2023-03-31 07164009 d:Non-currentFinancialInstruments 2024-03-31 07164009 d:Non-currentFinancialInstruments 2023-03-31 07164009 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 07164009 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 07164009 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 07164009 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 07164009 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-03-31 07164009 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-03-31 07164009 d:ShareCapital 2024-03-31 07164009 d:ShareCapital 2023-03-31 07164009 d:RetainedEarningsAccumulatedLosses 2024-03-31 07164009 d:RetainedEarningsAccumulatedLosses 2023-03-31 07164009 c:FRS102 2023-04-01 2024-03-31 07164009 c:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 07164009 c:FullAccounts 2023-04-01 2024-03-31 07164009 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07164009 2 2023-04-01 2024-03-31 07164009 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 07164009










Carters Lodge Farm Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 March 2024

 
Carters Lodge Farm Limited
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Carters Lodge Farm 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 Carters Lodge Farm Limited 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 Carters Lodge Farm Limited, as a body, in accordance with the terms of our engagement letter dated 02 August 2022Our work has been undertaken solely to prepare for your approval the financial statements of Carters Lodge Farm Limited and state those matters that we have agreed to state to the Board of directors of Carters Lodge Farm Limited, 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 Carters Lodge Farm Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Carters Lodge Farm 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 Carters Lodge Farm Limited. You consider that Carters Lodge Farm 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 Carters Lodge Farm 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
9 Donnington Park
85 Birdham Road
Chichester
West Sussex
PO20 7AJ
20 November 2024
Page 1

 
Carters Lodge Farm Limited
Registered number: 07164009

Balance sheet
As at 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
714

Tangible assets
 5 
371,507
368,820

  
371,507
369,534

Current assets
  

Stocks
 6 
207,802
229,821

Debtors: amounts falling due within one year
 7 
229,698
223,302

Cash at bank and in hand
 8 
189,104
260,259

  
626,604
713,382

Creditors: amounts falling due within one year
 9 
(157,101)
(155,278)

Net current assets
  
 
 
469,503
 
 
558,104

Total assets less current liabilities
  
841,010
927,638

Creditors: amounts falling due after more than one year
 10 
(31,500)
(49,500)

Provisions for liabilities
  

Deferred tax
  
(45,034)
(48,212)

  
 
 
(45,034)
 
 
(48,212)

Net assets
  
764,476
829,926


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
764,376
829,826

  
764,476
829,926


Page 2

 
Carters Lodge Farm Limited
Registered number: 07164009

Balance sheet (continued)
As at 31 March 2024

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 by: 




Oliver Grant
Director
Date: 7 November 2024

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
Carters Lodge Farm Limited
 

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

1.


General information

Carters Lodge Farm Limited is a private company limited by share capital, incorporated in England and Wales (registered number: 07164009).
The registered office is; 
9 Donnington Park 
85 Birdham Road 
Chichester 
West Sussex
PO20 7AJ
The principal place of business is;
Carters Lodge Farm
Handcross
West Sussex
RH17 6AA

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:

Page 4

 
Carters Lodge Farm Limited
 

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

2.Accounting policies (continued)

 
2.2

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.

 
2.3

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.

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:

Entitlements
-
Not depreciated

 
2.4

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.

Page 5

 
Carters Lodge Farm Limited
 

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

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Tractors
-
20% reducing balance
Farm & computer equipment
-
20% reducing balance / 33% straight line
Dairy Herd
-
Not depreciated

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.

Dairy herd is measured under the fair value model whereby changes to the fair value less costs to sell are recognised in the profit and loss.

 
2.5

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. Work in progress and finished goods include labour and attributable overheads.

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.

 
2.6

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

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 6

 
Carters Lodge Farm Limited
 

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

2.Accounting policies (continued)

 
2.10

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.

 
2.11

Interest income

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

 
2.12

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

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.


 
2.15

Financial instruments

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
Page 7

 
Carters Lodge Farm Limited
 

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

2.Accounting policies (continued)


2.15
Financial instruments (continued)

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.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments 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 4 (2023 - 4).


4.


Intangible assets




Entitlements

£





At 1 April 2023
714


Disposals
(714)



At 31 March 2024

-






Net book value



At 31 March 2024
-



At 31 March 2023
714


Page 8

 
Carters Lodge Farm Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024
 
           4.Intangible assets (continued)



5.


Tangible fixed assets





Tractors
Farm & computer equipment
Dairy herd on herd basis
Total

£
£
£
£



Cost or valuation


At 1 April 2023
179,336
254,294
154,000
587,630


Additions
1,000
28,697
15,400
45,097



At 31 March 2024

180,336
282,991
169,400
632,727



Depreciation


At 1 April 2023
58,567
160,243
-
218,810


Charge for the year on owned assets
24,271
18,139
-
42,410



At 31 March 2024

82,838
178,382
-
261,220



Net book value



At 31 March 2024
97,498
104,609
169,400
371,507



At 31 March 2023
120,769
94,051
154,000
368,820


6.


Stocks

2024
2023
£
£

Finished goods and goods for resale
207,802
229,821

207,802
229,821



7.


Debtors

2024
2023
£
£


Trade debtors
44,101
40,416

Other debtors
166,642
182,886

Prepayments and accrued income
18,955
-

229,698
223,302


Page 9

 
Carters Lodge Farm Limited
 

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

8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
189,104
260,259

189,104
260,259



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
18,000
18,000

Trade creditors
81,265
28,839

Corporation tax
11,531
47,398

Other creditors
18,831
3,239

Accruals and deferred income
27,474
57,802

157,101
155,278



10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
31,500
49,500

31,500
49,500



11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
18,000
18,000


18,000
18,000


Amounts falling due after more than 5 years

Bank loans
31,500
49,500

31,500
49,500

49,500
67,500



Page 10