REGISTERED NUMBER: |
Unaudited Financial Statements |
For The Year Ended 31 March 2024 |
for |
Highleadon Court Farms Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Goodridge Court |
Goodridge Avenue |
Gloucester |
Gloucestershire |
GL2 5EN |
BANKERS: |
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 |
Investments | 6 |
Herd basis | 7 | 84,101 | 78,426 |
CURRENT ASSETS |
Stocks |
Debtors | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 10 |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
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 were approved by the Board of Directors and authorised for issue on |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
Tangible fixed assets |
Freehold property | - |
Computer equipment | - |
Plant and machinery | - |
Motor vehicles | - |
Tractors | - |
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 |
4. | INTANGIBLE FIXED ASSETS |
Old milk | Milk |
quota | quota | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
and 31 March 2024 |
AMORTISATION |
At 1 April 2023 |
and 31 March 2024 |
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 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
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 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
6. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
At 1 April 2023 |
Revaluations | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
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 |
VAT |
Prepayments |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade creditors |
Corporation tax |
Social security and other taxes |
Other creditors |
Directors' current accounts | 14,270 | 16,530 |
Accrued expenses |
10. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2023 | 798,384 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Tfr unrealised (Loss)Gain | 17,123 | (17,123 | ) | - |
Transfer related deferred tax | (1,628 | ) | 1,628 | - |
At 31 March 2024 | 778,587 |