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Company Registration number: 05392919

Crossfell House Farm Ltd

Annual Report and Unaudited
Financial Statements


for the Year Ended 31 March 2024

 

Crossfell House Farm Ltd

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 9

 

Crossfell House Farm Ltd

Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

898,771

853,845

Other financial assets

5

172

172

 

898,943

854,017

Current assets

 

Stocks

425,596

411,273

Debtors

6

272,060

210,438

Cash at bank and in hand

 

12,183

28,382

 

709,839

650,093

Creditors: Amounts falling due within one year

7

(1,094,847)

(591,571)

Net current (liabilities)/assets

 

(385,008)

58,522

Total assets less current liabilities

 

513,935

912,539

Creditors: Amounts falling due after more than one year

7

(1,920,064)

(2,316,502)

Net liabilities

 

(1,406,129)

(1,403,963)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(1,406,229)

(1,404,063)

Shareholders' deficit

 

(1,406,129)

(1,403,963)

 

Crossfell House Farm Ltd

Balance Sheet as at 31 March 2024 (continued)

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Company registration number: 05392919

Approved and authorised by the Board on 23 December 2024 and signed on its behalf by:
 

.........................................
Mr M R Metcalf
Director

 

Crossfell House Farm Ltd

Notes to the financial statements for the Year Ended 31 March 2024

1

GENERAL INFORMATION

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Crossfell House Farm
Kirby Thore
Penrith
CA10 1UP
 

These financial statements were authorised for issue by the Board on 23 December 2024.

2

ACCOUNTING POLICIES

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

At the balance sheet date the company's liabilities exceeded it's assets by £1,406,130 (2023 - £1,403,963). The directors have provided personal assurances that they will support the company for the foreseeable future and will ensure that there are sufficient funds made available to enable the company to meet it's debts as they fall due. Therefore in the opinion of the directors the financial statements should be prepared on a going concern basis.

 

Crossfell House Farm Ltd

Notes to the financial statements for the Year Ended 31 March 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land, which is not depreciated, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Farm improvements

2% Straight line

Office equipment

25% Reducing balance

Tractors

2.5% Reducing balance

Motor vehicles

25% Reducing balance

Farm implements

7.5% Reducing balance

 

Crossfell House Farm Ltd

Notes to the financial statements for the Year Ended 31 March 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

 

Crossfell House Farm Ltd

Notes to the financial statements for the Year Ended 31 March 2024 (continued)

3

STAFF NUMBERS

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 5).

 

Crossfell House Farm Ltd

Notes to the financial statements for the Year Ended 31 March 2024 (continued)

4

TANGIBLE ASSETS

Farm improve-
ments
£

Office equipment
 £

Tractors and motor vehicles
 £

Herd
 £

Farm implements
£

Total
£

Cost or valuation

At 1 April 2023

218,304

6,623

243,368

162,570

612,526

1,243,391

Additions

-

-

-

-

93,789

93,789

Disposals

-

-

-

(13,081)

-

(13,081)

At 31 March 2024

218,304

6,623

243,368

149,489

706,315

1,324,099

Depreciation

At 1 April 2023

17,705

6,483

71,394

-

293,963

389,545

Charge for the year

4,359

34

6,024

-

25,366

35,783

At 31 March 2024

22,064

6,517

77,418

-

319,329

425,328

Carrying amount

At 31 March 2024

196,240

106

165,950

149,489

386,986

898,771

At 31 March 2023

200,599

140

171,973

162,570

318,563

853,845

 

Crossfell House Farm Ltd

Notes to the financial statements for the Year Ended 31 March 2024 (continued)

5

OTHER FINANCIAL ASSETS

Unlisted investments
£

Total
£

Fixed asset investments

Cost or valuation

At 1 April 2023

172

172

At 31 March 2024

172

172

Carrying amount

At 31 March 2024

172

172

6

DEBTORS

Current

2024
£

2023
£

Trade debtors

129,429

59,864

Prepayments

17,042

19,890

Other debtors

125,589

130,684

 

272,060

210,438

7

CREDITORS

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Loans and borrowings

641,871

9,952

Trade creditors

246,059

166,279

Taxation and social security

659

4,231

Accruals and deferred income

11,609

12,581

Other creditors

194,649

398,528

1,094,847

591,571


Creditors due within one year include net obligations under finance lease and hire purchase contracts and bank loans and overdrafts of £674,526 (2023 - £31,297) which are secured.

 

Crossfell House Farm Ltd

Notes to the financial statements for the Year Ended 31 March 2024 (continued)

7

CREDITORS (continued)

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Loans and borrowings

1,920,064

2,316,502


Creditors due after one year include bank loans and overdrafts of nil (2023 - £1,760,000) and net obligations under finance lease and hire purchase contracts of £63,329 (2023 - £95,985) which are secured.