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REGISTERED NUMBER: 00478108 (England and Wales)










Unaudited Financial Statements

For The Year Ended 31 March 2024

for

Highleadon Court Farms Limited

Highleadon Court Farms Limited (Registered number: 00478108)






Contents of the Financial Statements
For The Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Highleadon Court Farms Limited

Company Information
For The Year Ended 31 March 2024







DIRECTORS: D R Wallace
J D Wallace



SECRETARY: J D Wallace



REGISTERED OFFICE: Goodridge Court
Goodridge Avenue
Gloucester
Gloucestershire
GL2 5EN



REGISTERED NUMBER: 00478108 (England and Wales)



ACCOUNTANTS: Kingscott Dix Limited
Chartered Accountants
Goodridge Court
Goodridge Avenue
Gloucester
Gloucestershire
GL2 5EN



BANKERS: Barclays Bank Plc
18 Southgate Street
Gloucester
GL1 2DJ

Highleadon Court Farms Limited (Registered number: 00478108)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 324,124 356,170
Investments 6 27,252 44,375
Herd basis 7 84,101 78,426
435,477 478,971

CURRENT ASSETS
Stocks 61,755 80,825
Debtors 8 107,425 69,148
Cash at bank and in hand 302,316 342,057
471,496 492,030
CREDITORS
Amounts falling due within one year 9 78,550 126,195
NET CURRENT ASSETS 392,946 365,835
TOTAL ASSETS LESS CURRENT
LIABILITIES

828,423

844,806

PROVISIONS FOR LIABILITIES 39,436 36,022
NET ASSETS 788,987 808,784

CAPITAL AND RESERVES
Called up share capital 10,400 10,400
Revaluation reserve 10 20,323 35,818
Retained earnings 10 758,264 762,566
SHAREHOLDERS' FUNDS 788,987 808,784

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Highleadon Court Farms Limited (Registered number: 00478108)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 November 2024 and were signed on its behalf by:





J D Wallace - Director


Highleadon Court Farms Limited (Registered number: 00478108)

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

1. STATUTORY INFORMATION

Highleadon Court Farms Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Milk quota are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 20% on cost
Computer equipment - 33% on cost
Plant and machinery - 10% on reducing balance
Motor vehicles - 25% on reducing balance
Tractors - 25% on reducing balance

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to present location and condition.

Stocks held for distribution at no nominal consideration are measured at cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Highleadon Court Farms Limited (Registered number: 00478108)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other debtors and cash and bank balances, are measured at transaction price including transaction costs.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Basic financial liabilities, including trade and other creditors, bank loans, are recognised at transaction price.

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 payment is due within one year. If not, they are presented as creditors falling due after more than one year. Trade creditors are recognised at transaction price.

Financial liabilities are derecognised when, and only when, the company's obligations are discharged, cancelled, or they expire.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Quotas
Quotas are valued at cost less accumulated depreciation.
Quotas are amortised evenly over their estimated useful lives of five years for sheep quota and ten years for milk quota.

Highleadon Court Farms Limited (Registered number: 00478108)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Old milk Milk
quota quota Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 238,707 19,125 257,832
AMORTISATION
At 1 April 2023
and 31 March 2024 238,707 19,125 257,832
NET BOOK VALUE
At 31 March 2024 - - -
At 31 March 2023 - - -

5. TANGIBLE FIXED ASSETS
Freehold Computer Plant and
property equipment machinery
£    £    £   
COST
At 1 April 2023 332,089 1,901 283,999
Additions - - 12,920
At 31 March 2024 332,089 1,901 296,919
DEPRECIATION
At 1 April 2023 127,498 1,781 215,778
Charge for year 16,211 120 7,826
At 31 March 2024 143,709 1,901 223,604
NET BOOK VALUE
At 31 March 2024 188,380 - 73,315
At 31 March 2023 204,591 120 68,221

Highleadon Court Farms Limited (Registered number: 00478108)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS - continued

Motor
vehicles Tractors Totals
£    £    £   
COST
At 1 April 2023 16,761 178,830 813,580
Additions - - 12,920
At 31 March 2024 16,761 178,830 826,500
DEPRECIATION
At 1 April 2023 11,570 100,783 457,410
Charge for year 1,297 19,512 44,966
At 31 March 2024 12,867 120,295 502,376
NET BOOK VALUE
At 31 March 2024 3,894 58,535 324,124
At 31 March 2023 5,191 78,047 356,170

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 April 2023 44,375
Revaluations (17,123 )
At 31 March 2024 27,252
NET BOOK VALUE
At 31 March 2024 27,252
At 31 March 2023 44,375

Cost or valuation at 31 March 2024 is represented by:

Other
investments
£   
Valuation in 2023 44,221
Valuation in 2024 (17,123 )
Cost 154
27,252

Highleadon Court Farms Limited (Registered number: 00478108)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

7. HERD BASIS
Dairy
herd
basis
£   
COST
At 1 April 2023 78,426
Additions 18,900
Disposals (13,225 )
At 31 March 2024 84,101
NET BOOK VALUE
At 31 March 2024 84,101
At 31 March 2023 78,426

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 99,459 53,582
VAT 3,149 11,606
Prepayments 4,817 3,960
107,425 69,148

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 10,132 47,588
Corporation tax 31,463 32,262
Social security and other taxes 2,047 2,075
Other creditors 6,864 6,682
Directors' current accounts 14,270 16,530
Accrued expenses 13,774 21,058
78,550 126,195

10. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 April 2023 762,566 35,818 798,384
Profit for the year 50,203 50,203
Dividends (70,000 ) (70,000 )
Tfr unrealised (Loss)Gain 17,123 (17,123 ) -
Transfer related deferred tax (1,628 ) 1,628 -
At 31 March 2024 758,264 20,323 778,587