Company Registration number:
Crossfell House Farm Ltd
Financial Statements
for the
Year Ended 31 March 2024
Crossfell House Farm Ltd
Contents
Pages
Balance sheet |
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Notes to the financial statements |
Crossfell House Farm Ltd
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Other financial assets |
172 |
172 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
( |
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Shareholders' deficit |
( |
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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:
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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
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Crossfell House Farm Ltd
Notes to the financial statements for the Year Ended 31 March 2024
GENERAL INFORMATION |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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
Recognition and measurement
Impairment
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)
STAFF NUMBERS |
The average number of persons employed by the company (including directors) during the year, was
Crossfell House Farm Ltd
Notes to the financial statements for the Year Ended 31 March 2024 (continued)
TANGIBLE ASSETS |
Farm improve- |
Office equipment |
Tractors and motor vehicles |
Herd |
Farm implements |
Total |
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Cost or valuation |
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At 1 April 2023 |
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Additions |
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Disposals |
- |
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( |
- |
( |
At 31 March 2024 |
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Depreciation |
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At 1 April 2023 |
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- |
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Charge for the year |
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- |
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At 31 March 2024 |
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- |
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Carrying amount |
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At 31 March 2024 |
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At 31 March 2023 |
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Crossfell House Farm Ltd
Notes to the financial statements for the Year Ended 31 March 2024 (continued)
OTHER FINANCIAL ASSETS |
Unlisted investments |
Total |
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Fixed asset investments |
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Cost or valuation |
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At 1 April 2023 |
172 |
172 |
At 31 March 2024 |
172 |
172 |
Carrying amount |
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At 31 March 2024 |
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172 |
DEBTORS |
Current |
2024 |
2023 |
Trade debtors |
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Prepayments |
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Other debtors |
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CREDITORS |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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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 |
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Due after one year |
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Loans and borrowings |
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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.