Company registration number 12406833 (England and Wales)
GRASSINGTON FARM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
One Bell Lane
Lewes
East Sussex
BN7 1JU
GRASSINGTON FARM LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
GRASSINGTON FARM LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr R Barton
Mrs J L Barton
Company number
12406833
Registered office
Grassington Farm
Warren Lane
North Chailey
Lewes
East Sussex
BN8 4HW
Accountants
TC Group
One Bell Lane
Lewes
East Sussex
BN7 1JU
GRASSINGTON FARM LIMITED
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
847,787
875,114
Current assets
Stocks
86,247
11,700
Debtors
4
47,477
55,007
Cash at bank and in hand
34,932
81,418
168,656
148,125
Creditors: amounts falling due within one year
5
(102,530)
(109,901)
Net current assets
66,126
38,224
Total assets less current liabilities
913,913
913,338
Creditors: amounts falling due after more than one year
6
(140,528)
(873,082)
Provisions for liabilities
(13,386)
(15,859)
Net assets
759,999
24,397
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
759,899
24,297
Total equity
759,999
24,397
GRASSINGTON FARM LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2024
31 May 2024
- 3 -

For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 3 December 2024 and are signed on its behalf by:
Mr R Barton
Director
Company registration number 12406833 (England and Wales)
GRASSINGTON FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
1
Accounting policies
Company information

Grassington Farm Limited is a private company limited by shares incorporated in England and Wales. The registered office is Grassington Farm, Warren Lane, North Chailey, Lewes, East Sussex, BN8 4HW.

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 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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for the sale of organic eggs and organically reared pullets.

1.3
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.

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
Farm buildings - 5% straight line
Farm cottages - 2% straight line
Poultry sheds - 5% straight line
Land - not depreciated
Plant and equipment
20% straight line
Poultry equipment - 10% straight line
Fixtures and fittings
20% straight line

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.

1.4
Biological assets (Stock)

Biological assets are recognised only when three recognition criteria have been fulfilled:

GRASSINGTON FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
Where the company opts to measure a biological asset under the fair value model on initial recognition it must carry the asset at fair value at each reporting date. Changes in fair value less costs to sell are recognised in profit or loss.

The hens and chicks have been valued at official values supplied by Defra based on the age of the birds.
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

1.6
Stocks

Stocks of feed are stated at the lower of cost and estimated selling price.

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.

1.7
Cash and cash equivalents

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.

1.8
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.

GRASSINGTON FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 6 -
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.

1.9
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.

1.10
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.

1.11
Employee benefits

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

GRASSINGTON FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 7 -
1.12
Retirement benefits

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

1.13
Leases

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
Employees

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

2024
2023
Number
Number
Total
7
9
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 June 2023
778,970
178,891
3,391
961,252
Additions
-
0
-
0
2,773
2,773
Disposals
-
0
(1,095)
(1,457)
(2,552)
At 31 May 2024
778,970
177,796
4,707
961,473
Depreciation and impairment
At 1 June 2023
29,706
54,774
1,658
86,138
Depreciation charged in the year
9,902
18,089
940
28,931
Eliminated in respect of disposals
-
0
(507)
(876)
(1,383)
At 31 May 2024
39,608
72,356
1,722
113,686
Carrying amount
At 31 May 2024
739,362
105,440
2,985
847,787
At 31 May 2023
749,264
124,117
1,733
875,114
GRASSINGTON FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 8 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
44,481
48,064
Other debtors
2,996
6,943
47,477
55,007
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
28,522
22,977
Trade creditors
43,109
61,458
Corporation tax
16,957
10,346
Other taxation and social security
3,632
3,522
Other creditors
10,310
11,598
102,530
109,901
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
-
0
23,278
Other creditors
140,528
849,804
140,528
873,082

Bank loans totalling £28,522 (2023 - £46,255) are secured over the property.

7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
GRASSINGTON FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 9 -
8
Related party transactions
2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
-
0
709,810
Other related parties
534
-

As at the balance sheet date the following amounts included in long term creditors were owed by the company to related parties:

Grassington Rangers Limited were owed £534 (2023: £709,810)

9
Parent company

The parent company of Grassington Farm Limited is Grassington Farm Holdings Ltd whose registered office is Grassington Farm, Warren Lane, North Chailey, Lewes, East Sussex, BN8 4HW.

 

The company is controlled by Grassington Farm Holdings Ltd, who own 100% of the issued share capital after a share transfer from Grassington Rangers Limited on 12 June 2024.

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