Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-29falsefalse2023-03-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.No description of principal activity2927falsetrue 00674686 2023-03-01 2024-02-29 00674686 2022-03-01 2023-02-28 00674686 2024-02-29 00674686 2023-02-28 00674686 c:CompanySecretary1 2023-03-01 2024-02-29 00674686 c:Director1 2023-03-01 2024-02-29 00674686 c:RegisteredOffice 2023-03-01 2024-02-29 00674686 d:Buildings 2023-03-01 2024-02-29 00674686 d:Buildings 2024-02-29 00674686 d:Buildings 2023-02-28 00674686 d:Buildings d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 00674686 d:Buildings d:LeasedAssetsHeldAsLessee 2023-03-01 2024-02-29 00674686 d:PlantMachinery 2023-03-01 2024-02-29 00674686 d:PlantMachinery 2024-02-29 00674686 d:PlantMachinery 2023-02-28 00674686 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 00674686 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-03-01 2024-02-29 00674686 d:MotorVehicles 2023-03-01 2024-02-29 00674686 d:MotorVehicles 2024-02-29 00674686 d:MotorVehicles 2023-02-28 00674686 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 00674686 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-03-01 2024-02-29 00674686 d:FurnitureFittings 2023-03-01 2024-02-29 00674686 d:FurnitureFittings 2024-02-29 00674686 d:FurnitureFittings 2023-02-28 00674686 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 00674686 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-03-01 2024-02-29 00674686 d:OfficeEquipment 2023-03-01 2024-02-29 00674686 d:OfficeEquipment 2024-02-29 00674686 d:OfficeEquipment 2023-02-28 00674686 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 00674686 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2023-03-01 2024-02-29 00674686 d:ComputerEquipment 2023-03-01 2024-02-29 00674686 d:OtherPropertyPlantEquipment 2023-03-01 2024-02-29 00674686 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 00674686 d:LeasedAssetsHeldAsLessee 2023-03-01 2024-02-29 00674686 d:PatentsTrademarksLicencesConcessionsSimilar 2023-03-01 2024-02-29 00674686 d:PatentsTrademarksLicencesConcessionsSimilar 2024-02-29 00674686 d:PatentsTrademarksLicencesConcessionsSimilar 2023-02-28 00674686 d:Goodwill 2023-03-01 2024-02-29 00674686 d:Goodwill 2024-02-29 00674686 d:Goodwill 2023-02-28 00674686 d:FreeholdInvestmentProperty 2024-02-29 00674686 d:FreeholdInvestmentProperty 2023-02-28 00674686 d:CurrentFinancialInstruments 2024-02-29 00674686 d:CurrentFinancialInstruments 2023-02-28 00674686 d:Non-currentFinancialInstruments 2024-02-29 00674686 d:Non-currentFinancialInstruments 2023-02-28 00674686 d:Non-currentFinancialInstruments 1 2024-02-29 00674686 d:Non-currentFinancialInstruments 1 2023-02-28 00674686 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 00674686 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 00674686 d:Non-currentFinancialInstruments d:AfterOneYear 2024-02-29 00674686 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 00674686 d:ShareCapital 2024-02-29 00674686 d:ShareCapital 2023-02-28 00674686 d:InvestmentPropertiesRevaluationReserve 2024-02-29 00674686 d:InvestmentPropertiesRevaluationReserve 2023-02-28 00674686 d:OtherMiscellaneousReserve 2023-03-01 2024-02-29 00674686 d:RetainedEarningsAccumulatedLosses 2023-03-01 2024-02-29 00674686 d:RetainedEarningsAccumulatedLosses 2024-02-29 00674686 d:RetainedEarningsAccumulatedLosses 2023-02-28 00674686 c:FRS102 2023-03-01 2024-02-29 00674686 c:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 00674686 c:FullAccounts 2023-03-01 2024-02-29 00674686 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 00674686 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-03-01 2024-02-29 00674686 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-02-29 00674686 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-02-28 00674686 6 2023-03-01 2024-02-29 00674686 d:Goodwill d:OwnedIntangibleAssets 2023-03-01 2024-02-29 00674686 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2023-03-01 2024-02-29 00674686 f:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure

Registered number: 00674686










HIRST FARMS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
HIRST FARMS LIMITED
 
 
COMPANY INFORMATION


Director
R J Hirst 




Company secretary
Mrs K E Hirst



Registered number
00674686



Registered office
Carr Farm
Ormesby St Margaret

Great Yarmouth

Norfolk

NR29 3LG




Accountants
MA Partners LLP
Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ





 
HIRST FARMS LIMITED
 

CONTENTS



Page
Accountants' report
 
 
1
Balance sheet
 
 
2 - 3
Notes to the financial statements
 
 
4 - 12


 
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 2022Our 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
Page 1

 
HIRST FARMS LIMITED
REGISTERED NUMBER: 00674686

BALANCE SHEET
AS AT 29 FEBRUARY 2024

 
 
 
 
2024
2024
2023
2023
Note
£
£
£
£

Fixed assets
  

Intangible assets
 5 
12,276
18,414

Tangible assets
 6 
1,942,818
1,961,986

Investments
 7 
7,600
7,600

Investment property
 8 
436,500
436,500

  
2,399,194
2,424,500

Current assets
  

Stocks
 9 
439,386
472,244

Debtors: amounts falling due within one year
 10 
291,768
463,450

  
731,154
935,694

Creditors: amounts falling due within one year
 11 
(1,116,921)
(1,196,184)

Net current liabilities
  
 
 
(385,767)
 
 
(260,490)

Total assets less current liabilities
  
2,013,427
2,164,010

Creditors: amounts falling due after more than one year
 12 
(1,665,251)
(1,671,289)

  

Net assets
  
348,176
492,721


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Investment property reserve
 13 
164,522
164,522

Profit and loss account
 13 
182,654
327,199

  
348,176
492,721


Page 2

 
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.




R J Hirst
Director

The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
HIRST FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

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

 
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:

 
2.2

Revenue recognition

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.

 
2.3

Intangible assets

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.

Page 4

 
HIRST FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
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.

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
-
2%
straight line
Plant and machinery
-
20%
straight line
Motor vehicles and trailers
-
20%
reducing balance
Tractors and combines
-
15%
reducing balance
Office equipment
-
25%
straight line
Livery equipment
-
20%
straight line
Fun park equipment
-
20%
straight line

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.

 
2.5

Investment property

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.

 
2.6

Valuation of investments

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.

 
2.7

Stocks

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.

Page 5

 
HIRST FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.8

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.

 
2.9

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.

 
2.10

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.

 
2.11

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.

Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

 
2.12

Pensions

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.

 
2.13

Borrowing costs

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


3.


Employees

The average monthly number of employees, including directors, during the year was 29 (2023 - 27).


4.


Taxation


Page 6

 
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.


5.


Intangible assets






Sugar Beet Quota
Goodwill
Total

£
£
£



Cost


At 1 March 2023
3,780
30,690
34,470


Disposals
(3,780)
-
(3,780)



At 29 February 2024

-
30,690
30,690



Amortisation


At 1 March 2023
3,780
12,276
16,056


Charge for the year on owned assets
-
6,138
6,138


On disposals
(3,780)
-
(3,780)



At 29 February 2024

-
18,414
18,414



Net book value



At 29 February 2024
-
12,276
12,276



At 28 February 2023
-
18,414
18,414



Page 7

 
HIRST FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

6.


Tangible fixed assets







Land and buildings
Plant & machinery
Motor vehicles & trailers
Tractors & combine harvesters
Fun park, livery and office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 March 2023
1,352,467
690,944
72,326
479,171
337,580
2,932,488


Additions
-
14,875
-
109,000
34,608
158,483


Disposals
-
(10,396)
-
(109,751)
-
(120,147)



At 29 February 2024

1,352,467
695,423
72,326
478,420
372,188
2,970,824



Depreciation


At 1 March 2023
194,352
315,427
48,946
231,645
180,132
970,502


Charge for the year on owned assets
25,401
29,642
4,676
11,853
14,995
86,567


Charge for the year on financed assets
-
9,132
-
35,243
-
44,375


Disposals
-
(6,237)
-
(67,201)
-
(73,438)



At 29 February 2024

219,753
347,964
53,622
211,540
195,127
1,028,006



Net book value



At 29 February 2024
1,132,714
347,459
18,704
266,880
177,061
1,942,818



At 28 February 2023
1,158,115
375,517
23,380
247,526
157,448
1,961,986


7.


Fixed asset investments








Unlisted investments

£



Cost


At 1 March 2023
7,600



At 29 February 2024
7,600




Page 8

 
HIRST FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

8.


Investment property





Freehold investment property

£



Valuation


At 1 March 2023
436,500



At 29 February 2024
436,500

The 2024 valuations were made by the director, on an open market value for existing use basis.





9.


Stocks

 
 
2024
2023
£
£

Crop in store
96,373
111,846

Cultivations
51,157
51,472

Livestock
165,090
152,490

Consumables
76,766
121,436

Farm shop stock
50,000
35,000

439,386
472,244



10.


Debtors

 
 
2024
2023
£
£


Trade debtors
135,062
304,800

Other debtors
54,152
60,878

Prepayments and accrued income
102,554
97,772

291,768
463,450


Page 9

 
HIRST FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

11.


Creditors: Amounts falling due within one year

 
 
2024
2023
£
£

Bank overdrafts
722,301
762,075

Bank loans
35,642
62,202

Other loans
84,312
11,300

Trade creditors
124,890
147,553

Other taxation and social security
13,527
9,210

Obligations under finance lease and hire purchase contracts
50,759
43,399

Other creditors
27,128
24,099

Accruals and deferred income
58,362
136,346

1,116,921
1,196,184


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.

Page 10

 
HIRST FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

12.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Bank loans
601,819
637,727

Other loans
136,159
18,292

Net obligations under finance leases and hire purchase contracts
68,783
59,629

Trade creditors
-
250,000

Other creditors
787,291
641,862

Accruals and deferred income
41,199
33,779

Share capital treated as debt
30,000
30,000

1,665,251
1,671,289


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:

29 February
28 February
2024
2023
£
£


Repayable other than by instalments
467,083
496,477

467,083
496,477



Page 11

 
HIRST FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

13.


Reserves

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.


15.


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.

Page 12