Registered number: 00674686
HIRST FARMS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
|
HIRST FARMS LIMITED
COMPANY INFORMATION
|
HIRST FARMS LIMITED
CONTENTS
|
|
|
|
|
|
Notes to the financial statements
|
|
|
HIRST FARMS LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HIRST FARMS LIMITED
FOR THE YEAR ENDED 29 FEBRUARY 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 Hirst Farms Limited for the year ended 29 February 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 director of Hirst Farms Limited in accordance with the terms of our engagement letter dated 7 October 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Hirst Farms Limited and state those matters that we have agreed to state to the director of Hirst Farms Limited 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 Hirst Farms Limited and its director for our work or for this report.
It is your duty to ensure that Hirst Farms 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 loss of Hirst Farms Limited. You consider that Hirst Farms 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 Hirst Farms 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.
MA Partners LLP
Chartered Accountants
7 The Close
Norwich
Norfolk
NR1 4DJ
28 November 2024
|
HIRST FARMS LIMITED
REGISTERED NUMBER: 00674686
BALANCE SHEET
AS AT 29 FEBRUARY 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment property reserve
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HIRST FARMS LIMITED
REGISTERED NUMBER: 00674686
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024
The director considers 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 director acknowledges his 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 profit and loss account 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 on 28 November 2024.
The notes on pages 4 to 12 form part of these financial statements.
|
HIRST FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
Hirst Farms Limited is a private company, limited by shares, incorporated and domiciled in England and Wales. The registered office is Carr Farm, Ormesby St Margaret, Great Yarmouth, Norfolk, NR29 3LG.
The Company's principal activity is that of mixed farming and the operation of a livery, fun park and farm shop.
2.Accounting policies
|
|
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:
Turnover comprises revenue recognised by the Company in respect of crop and livestock sales, rents and subsidies received, work done for third parties and the operation of a fun park and livery, exclusive of Value Added Tax.
Revenue is recognised in the following manner:
∙Crops and livestock sold - on physical delivery to the customer;
∙Rent receivable - amounts receivable in the year;
∙Subsidy income - in the year when the qualifying conditions entitling payment are met;
∙Work done - on provision of service to the customer;
∙Fun park and livery income - at the point of sale;
∙Farm shop - at the point of sale.
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Profit and loss account over its useful economic life.
Other 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.
|
HIRST FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
2.Accounting policies (continued)
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.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
|
|
|
|
Farm buildings and improvements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Motor vehicles and trailers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
Investment property is carried at fair value determined annually by the director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Stocks and closing valuation for cultivations are valued at the lower of cost and net realisable value and have been valued by a professional valuer in accordance with the Royal Institution of Chartered Surveyors' and Central Association of Agricultural Valuers' Guidance Notes.
Net realisable value represents estimated selling price for produce in store with values reduced in accordance with the guidance within H M Revenue & Customs help sheet HS232 and BIM55410.
|
HIRST FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
2.Accounting policies (continued)
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.
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.
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.
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.
Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
|
The average monthly number of employees, including directors, during the year was 29 (2023 - 27).
|
|
HIRST FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
4.Taxation (continued)
|
Factors affecting tax charge for the year
|
|
The Company utilised unrelieved tax losses brought forward from previous accounting periods to eliminate the corporation tax charge for the year.
|
|
Factors that may affect future tax charges
|
At the balance sheet date, the Company had unrelieved losses carried forward of £1,345,173 which can be offset against future taxable profits.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge for the year on owned assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HIRST FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
|
|
|
|
Motor vehicles & trailers
|
Tractors & combine harvesters
|
Fun park, livery and office equipment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge for the year on owned assets
|
|
|
|
|
|
|
|
Charge for the year on financed assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HIRST FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
|
|
Freehold investment property
|
|
|
|
|
|
|
|
|
|
|
|
|
The 2024 valuations were made by the director, on an open market value for existing use basis.
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
|
HIRST FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other taxation and social security
|
|
|
|
Obligations under finance lease and hire purchase contracts
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
The bank loans and overdraft are secured on assets owned by the Company and by legal charges over property owned personally by the director. The director has also provided a personal guarantee limited to £1,000,000 in support of the bank loans.
Net obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.
|
|
HIRST FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
|
Creditors: Amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net obligations under finance leases and hire purchase contracts
|
|
|
|
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
Share capital treated as debt
|
|
|
|
|
|
|
|
|
|
|
|
The bank loans are secured on assets owned by the Company and by legal charges over property owned personally by the director. The director has also provided a personal guarantee limited to £1,000,000 in support of the bank loans.
Net obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.
|
|
The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repayable other than by instalments
|
|
|
|
|
|
|
|
HIRST FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
Other reserves
The fair value reserve represents the cumulative value of revaluations of the Company's investment properties to fair value, net of deferred tax. The amounts debited or credited to this reserve are transfers from the profit and loss account. Deferred tax is provided for on these fair value adjustments at the standard rate of corporation tax applicable in the UK.
Profit & loss account
The profit and loss account includes all current and prior period retained profits and losses.
14.Director's personal guarantees
The director has provided a personal guarantee limited to £1,000,000 in support of the Company's bank loans and overdraft. This is supported by legal charges over personally owned property.
|
Related party transactions
|
|
At the year end the Company owed £364,663 (2023 - £253,679) to the director. This loan is interest free and is included within other creditors due after more than one year in note 12 to the financial statements.
|
|