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Registered number: 10620183
Stocks Farm Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Harpers Accountancy LLP
PO Box 293
Lewes
BN7 9PG
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 10620183
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 336,630 354,014
Investments 5 50 50
336,680 354,064
CURRENT ASSETS
Stocks 6 46,219 65,301
Debtors 7 30,003 15,981
76,222 81,282
Creditors: Amounts Falling Due Within One Year 8 (497,308 ) (462,125 )
NET CURRENT ASSETS (LIABILITIES) (421,086 ) (380,843 )
TOTAL ASSETS LESS CURRENT LIABILITIES (84,406 ) (26,779 )
Creditors: Amounts Falling Due After More Than One Year 9 (21,460 ) (34,883 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (20,318 ) (22,841 )
NET LIABILITIES (126,184 ) (84,503 )
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account (126,284 ) (84,603 )
SHAREHOLDERS' FUNDS (126,184) (84,503)
Page 1
Page 2
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr J B Taylor
Director
Mrs E A Taylor
Director
26/11/2024
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Stocks Farm Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10620183 . The registered office is Stocks Farm, Spatham Lane, Ditchling, East Sussex, BN6 8XJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company.
Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the
revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
2.2. Going Concern Disclosure
These financial statements are prepared on the going concern basis. The directors have a reasonable 
expectation that the company will continue in operational existence for the foreseeable future. 
2.3. Turnover
Turnover represents amounts receivable for contract rearing and other farm related income net of vat 
where applicable. 
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold Straight Line 2%
Plant & Machinery Straight Line 10%
Motor Vehicles Reducing Balance 25%
Computer Equipment Reducing Balance 15 %
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
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2.5. Leasing and Hire Purchase Contracts
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed. 
2.6. Stocks and Work in Progress
Stock is valued at the lower of cost and net realisable value.
2.7. 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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when 
there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a 
net basis or to realise the asset and settle the liability simultaneously
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at 
transaction price including transaction costs and are subsequently carried at amortised cost using the 
effective interest method unless the arrangement constitutes a financing transaction, where the transaction 
is measured at the present value of the future receipts discounted at a market rate of interest. Financial 
assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual 
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the 
assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
...CONTINUED
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2.7. Financial Instruments - continued
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
2.8. Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are 
recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2.9. Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with 
banks, other short-term liquid investments with original maturities of three months or less, and bank  overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2.10. Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
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4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 258,455 163,189 43,419 1,367 466,430
Additions - 399 - - 399
As at 31 March 2024 258,455 163,588 43,419 1,367 466,829
Depreciation
As at 1 April 2023 23,592 49,213 39,407 204 112,416
Provided during the period 5,169 11,437 1,003 174 17,783
As at 31 March 2024 28,761 60,650 40,410 378 130,199
Net Book Value
As at 31 March 2024 229,694 102,938 3,009 989 336,630
As at 1 April 2023 234,863 113,976 4,012 1,163 354,014
5. Investments
Listed
£
Cost
As at 1 April 2023 50
As at 31 March 2024 50
Provision
As at 1 April 2023 -
As at 31 March 2024 -
Net Book Value
As at 31 March 2024 50
As at 1 April 2023 50
6. Stocks
2024 2023
£ £
Finished goods 46,219 65,301
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7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 30,003 15,981
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 3,780 3,310
Trade creditors 28,562 10,925
Bank loans and overdrafts 30,441 16,380
Other loans 289,325 289,325
Other creditors 138,057 139,540
Taxation and social security 7,143 2,645
497,308 462,125
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 7,245 11,550
Bank loans 14,215 23,333
21,460 34,883
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 3,780 3,310
Later than one year and not later than five years 7,245 11,550
11,025 14,860
11,025 14,860
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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