Company registration number 00782122 (England and Wales)
FARNDON FIELDS PROPERTY LTD (PREVIOUSLY FARNDON FIELDS FARM LTD)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
FARNDON FIELDS PROPERTY LTD
COMPANY INFORMATION
Directors
Mrs HM Stokes
Mr KP Stokes
Mr OP Stokes
(Appointed 29 February 2024)
Secretary
Mrs HM Stokes
Company number
00782122
Registered office
Farndon Fields Farm
Farndon Road
Market Harborough
Leicestershire
UK
LE16 9NP
Auditor
Cottons Accountants LLP
The Stables
Church Walk
Daventry
Northamptonshire
UK
NN11 4BL
FARNDON FIELDS PROPERTY LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 23
FARNDON FIELDS PROPERTY LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

Review of the business

Farndon Fields is an award-winning family run food and farming business in Market Harborough. Operating from a purpose-built Farm Shop at Farndon Fields Farm the company sell not only home-grown fresh produce but offer a butchery serving locally reared meats, delicatessen counter serving home-made sandwiches, pastries, and desserts, and locally produced farmhouse cheeses and charcuterie, and a large range of grocery products including locally baked artisanal breads, beers, wines, and spirits. The Farm Shop also contains a restaurant, The Farmers Kitchen, serving breakfast, lunches and afternoon teas and contains its own Garden Centre and Homeware and Gifts department. The business also offers seasonal events including an annual Pumpkin Festival held in October on the farm.

The focus of the business continues to be on delivering an exceptional customer experience, selling quality and local food and drink, and supporting farmers, growers, and artisanal producers and suppliers. Our mission is to be the ultimate destination to experience local food and farming.

Principal risks and uncertainties
FARNDON FIELDS PROPERTY LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Development and performance

With continued pressures on consumer spending driven by rising inflation, energy prices and interest rates, the company’s focus throughout the year was on team building and efficiency to lay the foundations for profitable revenue growth in subsequent years.

Key developments in the year were as follows:

These developments enabled the following performance highlights:

On behalf of the board

Mrs HM Stokes
Director
29 November 2024
FARNDON FIELDS PROPERTY LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

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

Principal activities

The principal activity of the company continued to be that of farming and farm retailing.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mrs HM Stokes
Mr KP Stokes
Mr OP Stokes
(Appointed 29 February 2024)
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

FARNDON FIELDS PROPERTY LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
On behalf of the board
Mrs HM Stokes
Director
29 November 2024
FARNDON FIELDS PROPERTY LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FARNDON FIELDS PROPERTY LTD
- 5 -
Opinion

We have audited the financial statements of Farndon Fields Property Ltd (the 'company') for the year ended 31 March 2024 which comprise the profit and loss account, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

FARNDON FIELDS PROPERTY LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FARNDON FIELDS PROPERTY LTD (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

FARNDON FIELDS PROPERTY LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FARNDON FIELDS PROPERTY LTD (CONTINUED)
- 7 -

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Callum Veasey ACA
Senior Statutory Auditor
For and on behalf of Cottons Accountants LLP
29 November 2024
Chartered Accountants
Statutory Auditor
The Stables
Church Walk
Daventry
Northamptonshire
UK
NN11 4BL
FARNDON FIELDS PROPERTY LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
5,251,751
5,289,362
Cost of sales
(2,729,820)
(2,779,075)
Gross profit
2,521,931
2,510,287
Administrative expenses
(2,185,452)
(2,152,377)
Other operating income
112,646
50,294
Operating profit
4
449,125
408,204
Interest receivable and similar income
7
25,904
3,754
Interest payable and similar expenses
8
(657)
-
0
Profit before taxation
474,372
411,958
Tax on profit
9
(141,532)
(77,554)
Profit for the financial year
332,840
334,404

The profit and loss account has been prepared on the basis that all operations are continuing operations.

FARNDON FIELDS PROPERTY LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
4,256,113
4,421,728
Current assets
Stocks
12
348,405
379,122
Debtors
13
48,406
159,177
Cash at bank and in hand
2,039,828
1,585,554
2,436,639
2,123,853
Creditors: amounts falling due within one year
14
(714,100)
(856,823)
Net current assets
1,722,539
1,267,030
Total assets less current liabilities
5,978,652
5,688,758
Creditors: amounts falling due after more than one year
15
(379,678)
(409,502)
Provisions for liabilities
Deferred tax liability
16
236,509
249,631
(236,509)
(249,631)
Net assets
5,362,465
5,029,625
Capital and reserves
Called up share capital
18
7,300
7,300
Capital redemption reserve
2,700
2,700
Profit and loss reserves
5,352,465
5,019,625
Total equity
5,362,465
5,029,625

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 29 November 2024 and are signed on its behalf by:
Mrs HM Stokes
Mr KP Stokes
Director
Director
Mr OP Stokes
Director
Company registration number 00782122 (England and Wales)
FARNDON FIELDS PROPERTY LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2022
7,300
2,700
4,685,221
4,695,221
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
334,404
334,404
Balance at 31 March 2023
7,300
2,700
5,019,625
5,029,625
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
332,840
332,840
Balance at 31 March 2024
7,300
2,700
5,352,465
5,362,465
FARNDON FIELDS PROPERTY LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
21
534,748
213,073
Interest paid
(657)
-
0
Income taxes paid
(93,053)
(142,008)
Net cash inflow from operating activities
441,038
71,065
Investing activities
Purchase of tangible fixed assets
(26,968)
(311,082)
Proceeds from disposal of tangible fixed assets
14,300
-
0
Interest received
25,904
3,754
Net cash generated from/(used in) investing activities
13,236
(307,328)
Net increase/(decrease) in cash and cash equivalents
454,274
(236,263)
Cash and cash equivalents at beginning of year
1,585,554
1,821,817
Cash and cash equivalents at end of year
2,039,828
1,585,554
FARNDON FIELDS PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
1
Accounting policies
Company information

Farndon Fields Property Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Farndon Fields Farm, Farndon Road, Market Harborough, Leicestershire, UK, LE16 9NP.

1.1
Accounting convention

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.

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. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Entitlements
10 years on a straight-line basis
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

FARNDON FIELDS PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 13 -

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 land and buildings
2 to 4% on cost
Leasehold improvements
4 to 10% on cost
Plant and equipment
25% reducing balance
Fixtures and fittings
15% reducing balance
Computers
33.33% on cost
Motor vehicles
25% reducing balance

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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
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 their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement 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.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

FARNDON FIELDS PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 14 -
1.9
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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

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. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

FARNDON FIELDS PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
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.

FARNDON FIELDS PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
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.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

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.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

FARNDON FIELDS PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Shop revenue
4,937,463
4,940,755
Farm revenue
314,288
348,607
5,251,751
5,289,362
2024
2023
£
£
Other revenue
Interest income
25,904
3,754
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
10,000
8,000
Depreciation of owned tangible fixed assets
175,158
183,647
Loss on disposal of tangible fixed assets
3,125
-
Operating lease charges
6,300
6,300
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Administration
7
7
Sales
63
67
Farm
3
4
Total
73
78

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,380,649
1,370,749
Social security costs
114,945
110,795
Pension costs
24,619
20,077
1,520,213
1,501,621
FARNDON FIELDS PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
21,158
-
0
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
25,904
3,754
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
25,904
3,754
8
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Other interest
657
-
0
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
154,654
93,710
Deferred tax
Origination and reversal of timing differences
(13,122)
(16,156)
Total tax charge
141,532
77,554
FARNDON FIELDS PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
9
Taxation
(Continued)
- 19 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
474,372
411,958
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
118,593
78,272
Tax effect of expenses that are not deductible in determining taxable profit
45,048
69,022
Tax effect of income not taxable in determining taxable profit
-
0
(3,754)
Net capital allowances
(8,949)
(49,830)
Movement in deferred tax
(13,122)
(16,156)
Charitable donations relief
(38)
-
0
Taxation charge for the year
141,532
77,554
10
Intangible fixed assets
Entitlements
£
Cost
At 1 April 2023 and 31 March 2024
43,450
Amortisation and impairment
At 1 April 2023 and 31 March 2024
43,450
Carrying amount
At 31 March 2024
-
0
At 31 March 2023
-
0
FARNDON FIELDS PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
11
Tangible fixed assets
Freehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 April 2023
3,860,647
913,677
751,803
1,285,394
107,734
103,137
7,022,392
Additions
-
0
-
0
7,322
13,697
5,949
-
0
26,968
Disposals
(359)
-
0
(15,847)
(53,239)
(41,118)
(24,985)
(135,548)
At 31 March 2024
3,860,288
913,677
743,278
1,245,852
72,565
78,152
6,913,812
Depreciation and impairment
At 1 April 2023
386,065
552,950
640,021
836,840
106,663
78,125
2,600,664
Depreciation charged in the year
28,226
45,366
28,027
66,495
1,395
5,649
175,158
Eliminated in respect of disposals
(190)
-
0
(15,258)
(45,281)
(41,118)
(16,276)
(118,123)
At 31 March 2024
414,101
598,316
652,790
858,054
66,940
67,498
2,657,699
Carrying amount
At 31 March 2024
3,446,187
315,361
90,488
387,798
5,625
10,654
4,256,113
At 31 March 2023
3,474,582
360,727
111,782
448,554
1,071
25,012
4,421,728
FARNDON FIELDS PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
12
Stocks
2024
2023
£
£
Agricultural produce
50,270
48,260
Biological assets
24,554
40,559
Finished goods and goods for resale
273,581
290,303
348,405
379,122
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
13,453
41,524
Other debtors
22
82,709
Prepayments and accrued income
34,931
34,944
48,406
159,177
14
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
193,503
233,180
Corporation tax
154,654
93,053
Other taxation and social security
36,524
22,638
Other creditors
175,708
432,685
Accruals and deferred income
153,711
75,267
714,100
856,823
15
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
379,678
409,502
FARNDON FIELDS PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
16
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
105,759
118,881
Rollover relief in respect of freehold land
130,750
130,750
236,509
249,631
2024
Movements in the year:
£
Liability at 1 April 2023
249,631
Credit to profit or loss
(13,122)
Liability at 31 March 2024
236,509
17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
24,619
20,077

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

18
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £10 each
730
730
7,300
7,300
19
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

2024
2023
Amounts due to related parties
£
£
Key management personnel
479,678
759,602
Other information
FARNDON FIELDS PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
19
Related party transactions
(Continued)
- 23 -

During the financial year, the company purchased goods from Nic Squires Art, a business owned by a close family member of the directors/ ultimate beneficial owners. The total value of goods purchased was £1,048 (2023: £874). The balance outstanding at year end was £Nil (2023: £148).

20
Ultimate controlling party

The parent undertaking is Farndon Fields Holdings Limited, a company registered in England and Wales.

The parent company acquired the shares during the period from the directors owners, who remain the ultimate beneficial owners, through the parent company shareholding.

 

21
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
332,840
334,404
Adjustments for:
Taxation charged
141,532
77,554
Finance costs
657
-
0
Investment income
(25,904)
(3,754)
Loss on disposal of tangible fixed assets
3,125
-
Depreciation and impairment of tangible fixed assets
175,158
183,647
Movements in working capital:
Decrease/(increase) in stocks
30,717
(79,284)
Decrease/(increase) in debtors
110,771
(108,216)
Decrease in creditors
(234,148)
(191,278)
Cash generated from operations
534,748
213,073
22
Auditor's liability limitation agreement

Upon appointment of Cottons Accountants LLP as auditors, the company entered into a limitation of liability agreement with the auditors and this was approved by resolution on 26th June 2024. Liability is limited to the lesser of 20 times the audit fee quoted, totalling £200,000. In accordance with section 537 of CA06, the effect of the liability limitation agreement is to limit the auditor's liability to less than such amount as is fair and reasonable, as determined by that section, the agreement shall effect as if it limited the liability to such amount as if fair and reasonable, as so determined.

 

The agreement limits the liability owed to the company by the auditors in respect of any negligence, default or breach of duty, or breach of trust, occurring in the course of the audit of the financial statements for the year ended 31st March 2024.

 

The agreement does not limit liability for any instance of fraud or dishonesty on behalf of the auditor or any other liability that cannot be excluded or restricted by applicable laws or regulations.

2024-03-312023-04-01falsefalsefalseCCH SoftwareCCH Accounts Production 2024.300Mr KP StokesMr OP StokesMr O P StokesMrs HM Stokes007821222023-04-012024-03-3100782122bus:CompanySecretaryDirector12023-04-012024-03-3100782122bus:Director12023-04-012024-03-3100782122bus:Director22023-04-012024-03-3100782122bus:CompanySecretary12023-04-012024-03-3100782122bus:Director32023-04-012024-03-3100782122bus:RegisteredOffice2023-04-012024-03-31007821222024-03-31007821222022-04-012023-03-3100782122core:RetainedEarningsAccumulatedLosses2022-04-012023-03-3100782122core:RetainedEarningsAccumulatedLosses2023-04-012024-03-31007821222023-03-3100782122core:LandBuildingscore:OwnedOrFreeholdAssets2024-03-3100782122core:LeaseholdImprovements2024-03-3100782122core:PlantMachinery2024-03-3100782122core:FurnitureFittings2024-03-3100782122core:ComputerEquipment2024-03-3100782122core:MotorVehicles2024-03-3100782122core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-3100782122core:LeaseholdImprovements2023-03-3100782122core:PlantMachinery2023-03-3100782122core:FurnitureFittings2023-03-3100782122core:ComputerEquipment2023-03-3100782122core:MotorVehicles2023-03-3100782122core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3100782122core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3100782122core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3100782122core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3100782122core:CurrentFinancialInstruments2024-03-3100782122core:CurrentFinancialInstruments2023-03-3100782122core:ShareCapital2024-03-3100782122core:ShareCapital2023-03-3100782122core:CapitalRedemptionReserve2024-03-3100782122core:CapitalRedemptionReserve2023-03-3100782122core:RetainedEarningsAccumulatedLosses2024-03-3100782122core:RetainedEarningsAccumulatedLosses2023-03-3100782122core:ShareCapital2022-03-3100782122core:CapitalRedemptionReserve2022-03-3100782122core:RetainedEarningsAccumulatedLosses2022-03-31007821222023-03-31007821222022-03-3100782122core:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3100782122core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-04-012024-03-3100782122core:LandBuildingscore:OwnedOrFreeholdAssets2023-04-012024-03-3100782122core:LeaseholdImprovements2023-04-012024-03-3100782122core:PlantMachinery2023-04-012024-03-3100782122core:FurnitureFittings2023-04-012024-03-3100782122core:ComputerEquipment2023-04-012024-03-3100782122core:MotorVehicles2023-04-012024-03-310078212212023-04-012024-03-310078212212022-04-012023-03-3100782122core:UKTax2023-04-012024-03-3100782122core:UKTax2022-04-012023-03-3100782122core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-03-3100782122core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2024-03-3100782122core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-03-3100782122core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-3100782122core:LeaseholdImprovements2023-03-3100782122core:PlantMachinery2023-03-3100782122core:FurnitureFittings2023-03-3100782122core:ComputerEquipment2023-03-3100782122core:MotorVehicles2023-03-3100782122core:Non-currentFinancialInstruments12024-03-3100782122core:Non-currentFinancialInstruments12023-03-3100782122bus:PrivateLimitedCompanyLtd2023-04-012024-03-3100782122bus:FRS1022023-04-012024-03-3100782122bus:Audited2023-04-012024-03-3100782122bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP