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Registration number: 06892788

Harehill Farms Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Harehill Farms Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

Harehill Farms Limited

Company Information

Directors

Mr W R Holland

Mrs J J Holland

Registered office

51 St. John Street
Ashbourne
Derbyshire
DE6 1GP

Accountants

Coates and Partners Limited
Chartered Accountants
The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP

 

Harehill Farms Limited

(Registration number: 06892788)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

1,660,645

1,317,383

Investment property

6

495,000

495,000

Other financial assets

7

147,398

147,398

 

2,303,043

1,959,781

Current assets

 

Stocks

925,903

744,225

Debtors

8

201,209

99,087

Cash at bank and in hand

 

-

523,266

 

1,127,112

1,366,578

Creditors: Amounts falling due within one year

9

(532,927)

(476,551)

Net current assets

 

594,185

890,027

Total assets less current liabilities

 

2,897,228

2,849,808

Creditors: Amounts falling due after more than one year

9

(1,214,660)

(1,370,582)

Provisions for liabilities

(396,609)

(341,602)

Net assets

 

1,285,959

1,137,624

Capital and reserves

 

Called up share capital

50

50

Other reserves

325,930

325,930

Retained earnings

959,979

811,644

Shareholders' funds

 

1,285,959

1,137,624

For the financial year ending 30 April 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 and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland'.

 

Harehill Farms Limited

(Registration number: 06892788)
Balance Sheet as at 30 April 2024 (continued)

These financial statements have been delivered to the Registrar of Companies in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account and directors' report has been taken.

Approved and authorised by the Board on 18 December 2024 and signed on its behalf by:
 

.........................................
Mr W R Holland
Director

   
     
 

Harehill Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital incorporated in England and Wales registration number: 06892788.

The address of its registered office is:
51 St. John Street
Ashbourne
Derbyshire
DE6 1GP
England

These financial statements were authorised for issue by the Board on 18 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 presentation currency is £ sterling.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and livestock sold, services rendered and other farming receipts 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.
 

 

Harehill Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

The company has elected to treat the dairy herd under herd basis for taxation purposes.

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 and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Buildings

2% reducing balance basis

Plant and Machinery

15% reducing balance basis

Furniture, fittings and equipment

33% straight line basis

Land

not depreciated

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

Harehill Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Intangible assets

Separately acquired intangible assets are shown at historical cost.

Intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Other intangible assets

20% straight line basis

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Biological assets, living plants and animals are included at the lower of cost and estimated selling price less costs to sell. Cost is determined on a first in first out basis, net realisable value is based on estimated selling price, less any costs which may arise on realisation. Purchased livestock is valued at cost of purchase plus costs of rearing to the valuation date or to maturity, if earlier. Livestock which is homebred, farm reared or acquired some time before maturity and matured on the farm is valued at deemed cost at the following rates: cattle and sheep 60% and 75% of open market value, herds and flocks on deprecated cost basis.
 

 

Harehill Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 7).

 

Harehill Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 May 2023

42,800

42,800

Disposals

(42,800)

(42,800)

At 30 April 2024

-

-

Amortisation

At 1 May 2023

42,800

42,800

Amortisation eliminated on disposals

(42,800)

(42,800)

At 30 April 2024

-

-

Carrying amount

At 30 April 2024

-

-

 

Harehill Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 May 2023

360,637

2,153

1,838,638

2,201,428

Additions

199,976

-

331,528

531,504

Disposals

-

-

(25,513)

(25,513)

At 30 April 2024

560,613

2,153

2,144,653

2,707,419

Depreciation

At 1 May 2023

35,029

1,871

847,145

884,045

Charge for the year

7,575

104

174,455

182,134

Eliminated on disposal

-

-

(19,405)

(19,405)

At 30 April 2024

42,604

1,975

1,002,195

1,046,774

Carrying amount

At 30 April 2024

518,009

178

1,142,458

1,660,645

At 30 April 2023

325,608

282

991,493

1,317,383

Included within the net book value of land and buildings above is £518,009 (2023 - £325,608) in respect of freehold land and buildings.
 

6

Investment properties

£

At 1 May 2023

495,000

At 30 April 2024

495,000

The investment property has been valued at market value per the director.

There has been no valuation of investment property by an independent valuer.

 

Harehill Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

7

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 May 2023

147,398

147,398

At 30 April 2024

147,398

147,398

Impairment

Carrying amount

At 30 April 2024

147,398

147,398

8

Debtors

Current

2024
£

2023
£

Trade debtors

127,534

86,496

Prepayments

62,482

348

Other debtors

11,193

12,243

 

201,209

99,087

 

Harehill Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

81,523

28,301

Trade creditors

 

322,084

256,857

Taxation and social security

 

15,864

96,363

Accruals and deferred income

 

31,964

16,058

Other creditors

 

81,492

78,972

 

532,927

476,551

Creditors include bank loans and overdrafts which are secured of £62,612 (2023 - £9,391) by the way of a charge over the company assets, a bank loan of £10,000 (2023 - £10,000) secured by the Government and hire purchase liabilities of £8,910 (2023 - £8,910) which are secured on the assets financed.

 

Harehill Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

9

Creditors (continued)

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

540,673

569,484

Other creditors

 

673,987

801,098

 

1,214,660

1,370,582

2024
£

2023
£

Due after more than five years

After more than five years by instalments

480,726

493,248

-

-

Creditors include bank loans and overdrafts which are secured of £527,432 (2023 - £537,332) by the way of a charge over the company assets, a bank loan of £12,500 (2023 - £22,500) secured by the Government and hire purchase liabilities of £743 (2023 - £9,653) which are secured on the assets financed.

 

Harehill Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

10

Related party transactions

Other transactions with directors

During the year the company paid rent to the directors amounting to £120,000 (2023 - £45,000).