2023-04-012024-03-312024-03-31false01244279G.H. Chennells (Farms) Limited2024-11-20iso4217:GBPxbrli:pure012442792023-04-01012442792024-03-31012442792023-04-012024-03-31012442792022-04-01012442792023-03-31012442792022-04-012023-03-3101244279bus:SmallEntities2023-04-012024-03-3101244279bus:AuditExempt-NoAccountantsReport2023-04-012024-03-3101244279bus:FullAccounts2023-04-012024-03-3101244279bus:PrivateLimitedCompanyLtd2023-04-012024-03-3101244279core:WithinOneYear2024-03-3101244279core:AfterOneYear2024-03-3101244279core:WithinOneYear2023-03-3101244279core:AfterOneYear2023-03-3101244279core:ShareCapital2024-03-3101244279core:SharePremium2024-03-3101244279core:RevaluationReserve2024-03-3101244279core:OtherReservesSubtotal2024-03-3101244279core:RetainedEarningsAccumulatedLosses2024-03-3101244279core:ShareCapital2023-03-3101244279core:SharePremium2023-03-3101244279core:RevaluationReserve2023-03-3101244279core:OtherReservesSubtotal2023-03-3101244279core:RetainedEarningsAccumulatedLosses2023-03-3101244279core:LandBuildings2024-03-3101244279core:PlantMachinery2024-03-3101244279core:Vehicles2024-03-3101244279core:FurnitureFittings2024-03-3101244279core:OfficeEquipment2024-03-3101244279core:NetGoodwill2024-03-3101244279core:IntangibleAssetsOtherThanGoodwill2024-03-3101244279core:ListedExchangeTraded2024-03-3101244279core:UnlistedNon-exchangeTraded2024-03-3101244279core:LandBuildings2023-03-3101244279core:PlantMachinery2023-03-3101244279core:Vehicles2023-03-3101244279core:FurnitureFittings2023-03-3101244279core:OfficeEquipment2023-03-3101244279core:NetGoodwill2023-03-3101244279core:IntangibleAssetsOtherThanGoodwill2023-03-3101244279core:ListedExchangeTraded2023-03-3101244279core:UnlistedNon-exchangeTraded2023-03-3101244279core:LandBuildings2023-04-012024-03-3101244279core:PlantMachinery2023-04-012024-03-3101244279core:Vehicles2023-04-012024-03-3101244279core:FurnitureFittings2023-04-012024-03-3101244279core:OfficeEquipment2023-04-012024-03-3101244279core:NetGoodwill2023-04-012024-03-3101244279core:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3101244279core:ListedExchangeTraded2023-04-012024-03-3101244279core:UnlistedNon-exchangeTraded2023-04-012024-03-3101244279core:MoreThanFiveYears2023-04-012024-03-3101244279core:Non-currentFinancialInstruments2024-03-3101244279core:Non-currentFinancialInstruments2023-03-3101244279dpl:CostSales2023-04-012024-03-3101244279dpl:DistributionCosts2023-04-012024-03-3101244279core:LandBuildings2023-04-012024-03-3101244279core:PlantMachinery2023-04-012024-03-3101244279core:Vehicles2023-04-012024-03-3101244279core:FurnitureFittings2023-04-012024-03-3101244279core:OfficeEquipment2023-04-012024-03-3101244279dpl:AdministrativeExpenses2023-04-012024-03-3101244279core:NetGoodwill2023-04-012024-03-3101244279core:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3101244279dpl:GroupUndertakings2023-04-012024-03-3101244279dpl:ParticipatingInterests2023-04-012024-03-3101244279dpl:GroupUndertakingscore:ListedExchangeTraded2023-04-012024-03-3101244279core:ListedExchangeTraded2023-04-012024-03-3101244279dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2023-04-012024-03-3101244279core:UnlistedNon-exchangeTraded2023-04-012024-03-3101244279dpl:CostSales2022-04-012023-03-3101244279dpl:DistributionCosts2022-04-012023-03-3101244279core:LandBuildings2022-04-012023-03-3101244279core:PlantMachinery2022-04-012023-03-3101244279core:Vehicles2022-04-012023-03-3101244279core:FurnitureFittings2022-04-012023-03-3101244279core:OfficeEquipment2022-04-012023-03-3101244279dpl:AdministrativeExpenses2022-04-012023-03-3101244279core:NetGoodwill2022-04-012023-03-3101244279core:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-3101244279dpl:GroupUndertakings2022-04-012023-03-3101244279dpl:ParticipatingInterests2022-04-012023-03-3101244279dpl:GroupUndertakingscore:ListedExchangeTraded2022-04-012023-03-3101244279core:ListedExchangeTraded2022-04-012023-03-3101244279dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-04-012023-03-3101244279core:UnlistedNon-exchangeTraded2022-04-012023-03-3101244279core:NetGoodwill2024-03-3101244279core:IntangibleAssetsOtherThanGoodwill2024-03-3101244279core:LandBuildings2024-03-3101244279core:PlantMachinery2024-03-3101244279core:Vehicles2024-03-3101244279core:FurnitureFittings2024-03-3101244279core:OfficeEquipment2024-03-3101244279core:AfterOneYear2024-03-3101244279core:WithinOneYear2024-03-3101244279core:ListedExchangeTraded2024-03-3101244279core:UnlistedNon-exchangeTraded2024-03-3101244279core:ShareCapital2024-03-3101244279core:SharePremium2024-03-3101244279core:RevaluationReserve2024-03-3101244279core:OtherReservesSubtotal2024-03-3101244279core:RetainedEarningsAccumulatedLosses2024-03-3101244279core:NetGoodwill2023-03-3101244279core:IntangibleAssetsOtherThanGoodwill2023-03-3101244279core:LandBuildings2023-03-3101244279core:PlantMachinery2023-03-3101244279core:Vehicles2023-03-3101244279core:FurnitureFittings2023-03-3101244279core:OfficeEquipment2023-03-3101244279core:AfterOneYear2023-03-3101244279core:WithinOneYear2023-03-3101244279core:ListedExch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G.H. Chennells (Farms) Limited

Registered Number
01244279
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

G.H. Chennells (Farms) Limited
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

A C Chennells
M G Chennells
P E Chennells
K J Leddington-Hill
B T Wills

Company Secretary

C F Overton

Registered Address

The Estate Office Eagle Hall
Swinderby
Lincoln
LN6 9HZ

Registered Number

01244279 (England and Wales)
G.H. Chennells (Farms) Limited
Balance Sheet as at
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets43,812,1333,442,146
Investments59,3239,323
3,821,4563,451,469
Current assets
Stocks63,048,7113,502,865
Debtors71,978,9041,461,628
Cash at bank and on hand5,97612,535
5,033,5914,977,028
Creditors amounts falling due within one year8(5,853,397)(5,523,948)
Net current assets (liabilities)(819,806)(546,920)
Total assets less current liabilities3,001,6502,904,549
Creditors amounts falling due after one year9(998,636)(1,430,046)
Provisions for liabilities11(864,064)(448,054)
Net assets1,138,9501,026,449
Capital and reserves
Called up share capital8,3008,300
Share premium4,8004,800
Profit and loss account1,125,8501,013,349
Shareholders' funds1,138,9501,026,449
The financial statements were approved and authorised for issue by the Board of Directors on 20 November 2024, and are signed on its behalf by:
M G Chennells
Director
Registered Company No. 01244279
G.H. Chennells (Farms) Limited
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Plant and machinery17
Vehicles17
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20242023
Average number of employees during the year2827
3.Intangible assets

Other

Total

££
Cost or valuation
At 01 April 233,4743,474
At 31 March 243,4743,474
Amortisation and impairment
At 01 April 233,4743,474
At 31 March 243,4743,474
Net book value
At 31 March 24--
At 31 March 23--
4.Tangible fixed assets

Plant & machinery

Vehicles

Total

£££
Cost or valuation
At 01 April 239,720,560240,5999,961,159
Additions1,075,082-1,075,082
Disposals(260,770)-(260,770)
At 31 March 2410,534,872240,59910,775,471
Depreciation and impairment
At 01 April 236,398,965120,0486,519,013
Charge for year657,42620,493677,919
On disposals(233,594)-(233,594)
At 31 March 246,822,797140,5416,963,338
Net book value
At 31 March 243,712,075100,0583,812,133
At 31 March 233,321,595120,5513,442,146
5.Fixed asset investments

Other investments1

Total

££
Cost or valuation
At 01 April 239,3239,323
At 31 March 249,3239,323
Net book value
At 31 March 249,3239,323
At 31 March 239,3239,323

Notes

1Other investments other than loans
6.Stocks

2024

2023

££
Other stocks3,048,7113,502,865
Total3,048,7113,502,865
7.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables645,370712,101
Amounts owed by group undertakings95,02271,080
Other debtors1,051,882552,683
Prepayments and accrued income186,630125,764
Total1,978,9041,461,628
8.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables784,0261,375,765
Bank borrowings and overdrafts3,471,8122,643,753
Taxation and social security9,79517,698
Finance lease and HP contracts539,479280,923
Other creditors977,4461,123,600
Accrued liabilities and deferred income70,83982,209
Total5,853,3975,523,948
The bank borrowings and overdrafts and the finance lease liabilities are secured creditors.
9.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts406,450588,468
Other creditors592,186841,578
Total998,6361,430,046
The bank borrowings and overdrafts and the other creditors are secured creditors.
10.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts592,186841,578
11.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)864,064448,054
Total864,064448,054
12.Related party transactions
Summary of transactions with parent The company benefits from the use of land and buildings owned by its parent company, Eagle Hall Estates Limited, for a nominal rent due under a Farm Business Tenancy. A loan account exists between the company and its parent. At the year end, the amount due from G.H. Chennells (Farms) Limited was £95,022 (2023 - £71,080). Summary of transactions with other related parties MC2 London Ltd During the year under review sales invoices of £25,206 were issued to MC2 London Ltd, a company of which M G Chennells, one of the directors of this company is also a director. Purchase invoices of £93,609 were received from MC2 London Ltd during the year. Other transactions with directors A loan account exists between A C Chennells and the company. At the year end, the amount owed to A C Chennells was £220,739 (2023 - £208,990). Interest of £11,749 was paid to A C Chennells during the year (2023 - £8,039).