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Registration number: 07321162

Netherend Farm Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Netherend Farm Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Balance Sheet

4 to 5

Statement of Changes in Equity

6

Notes to the Unaudited Financial Statements

7 to 11

 

Netherend Farm Limited

Company Information

Directors

Mr W Weeks

Mrs R A Hardacre

Company secretary

Mrs L D Weeks

Registered office

C/o
14 St. Owen Street
Hereford
HR1 2PL

Accountants

Oakleys Professional Limited
14 St Owen Street
Hereford
HR1 2PL

 

Netherend Farm Limited

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr W Weeks

Mrs R A Hardacre

Principal activity

The principal activity of the company is butter and cheese production

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 27 November 2024 and signed on its behalf by:
 

.........................................
Mr W Weeks
Director

.........................................
Mrs R A Hardacre
Director

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Netherend 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 accounts of Netherend Farm Limited for the year ended 31 March 2024 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.

It is your duty to ensure that Netherend Farm 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 Netherend Farm Limited. You consider that Netherend Farm 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 Netherend 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 accounts.

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

Oakleys Professional Limited
14 St Owen Street
Hereford
HR1 2PL

27 November 2024

 

Netherend Farm Limited

(Registration number: 07321162)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,020,946

1,250,277

Current assets

 

Debtors

5

852,655

787,485

Cash at bank and in hand

 

1,359,939

1,414,648

 

2,212,594

2,202,133

Creditors: Amounts falling due within one year

6

(870,314)

(569,988)

Net current assets

 

1,342,280

1,632,145

Total assets less current liabilities

 

3,363,226

2,882,422

Provisions for liabilities

(79,678)

(71,045)

Net assets

 

3,283,548

2,811,377

Capital and reserves

 

Called up share capital

7

11,000

11,000

Retained earnings

3,272,548

2,800,377

Shareholders' funds

 

3,283,548

2,811,377

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.

Approved and authorised by the Board on 27 November 2024 and signed on its behalf by:
 

 

Netherend Farm Limited

(Registration number: 07321162)
Balance Sheet as at 31 March 2024

.........................................
Mr W Weeks
Director

.........................................
Mrs R A Hardacre
Director

 

Netherend Farm Limited

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

Share capital
£

Profit and loss account
£

Total
£

At 1 April 2023

11,000

2,800,377

2,811,377

Profit for the year

-

962,171

962,171

Total comprehensive income

-

962,171

962,171

Dividends

-

(490,000)

(490,000)

At 31 March 2024

11,000

3,272,548

3,283,548

Share capital
£

Profit and loss account
£

Total
£

At 1 April 2022

11,000

2,454,254

2,465,254

Profit for the year

-

536,123

536,123

Total comprehensive income

-

536,123

536,123

Dividends

-

(190,000)

(190,000)

At 31 March 2023

11,000

2,800,377

2,811,377

 

Netherend Farm 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.

The address of its registered office is:
C/o
14 St. Owen Street
Hereford
HR1 2PL
United Kingdom

The principal place of business is:
Netherend Farm
Woolaston
Lydney
Gloucestershire
GL15 6NN

These financial statements were authorised for issue by the Board on 27 November 2024.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

 

Netherend Farm Limited

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

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

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Cold store

20% reducing balance

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 merchandise sold 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

The directors have chosen the fair value model basis for the valuation of biological assets under FRS 102.

 

Netherend Farm Limited

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2023 - 19).

 

Netherend Farm Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

750,864

393,872

131,158

1,256,109

2,532,003

Additions

747,821

-

-

179,718

927,539

At 31 March 2024

1,498,685

393,872

131,158

1,435,827

3,459,542

Depreciation

At 1 April 2023

-

277,753

90,777

913,196

1,281,726

Charge for the year

-

16,119

10,095

130,656

156,870

At 31 March 2024

-

293,872

100,872

1,043,852

1,438,596

Carrying amount

At 31 March 2024

1,498,685

100,000

30,286

391,975

2,020,946

At 31 March 2023

750,864

116,119

40,381

342,913

1,250,277

Included within the net book value of land and buildings above is £1,498,685 (2023 - £750,864) in respect of freehold land and buildings.
 

 

Netherend Farm Limited

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

5

Debtors

Current

2024
£

2023
£

Trade debtors

613,420

574,316

Other debtors

239,235

213,169

 

852,655

787,485

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

trade creditors

368,912

219,037

Accruals

-

1,354

Other creditors

501,402

349,597

870,314

569,988

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A shares of £1 each

3,000

3,000

3,000

3,000

Ordinary B shares of £1 each

3,000

3,000

3,000

3,000

Ordinary C shares of £1 each

2,000

2,000

2,000

2,000

Ordinary D shares of £1 each

2,000

2,000

2,000

2,000

Ordinary E shares of £1 each

1,000

1,000

1,000

1,000

 

11,000

11,000

11,000

11,000