Caseware UK (AP4) 2023.0.135 2023.0.135 truefalse02023-04-06No description of principal activity0falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 02044735 2023-04-06 2024-04-05 02044735 2022-04-06 2023-04-05 02044735 2024-04-05 02044735 2023-04-05 02044735 c:Director1 2023-04-06 2024-04-05 02044735 d:Buildings 2023-04-06 2024-04-05 02044735 d:Buildings 2024-04-05 02044735 d:Buildings 2023-04-05 02044735 d:Buildings d:OwnedOrFreeholdAssets 2023-04-06 2024-04-05 02044735 d:OfficeEquipment 2023-04-06 2024-04-05 02044735 d:OfficeEquipment 2024-04-05 02044735 d:OfficeEquipment 2023-04-05 02044735 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-06 2024-04-05 02044735 d:ComputerEquipment 2023-04-06 2024-04-05 02044735 d:OwnedOrFreeholdAssets 2023-04-06 2024-04-05 02044735 d:CurrentFinancialInstruments 2024-04-05 02044735 d:CurrentFinancialInstruments 2023-04-05 02044735 d:Non-currentFinancialInstruments 2024-04-05 02044735 d:Non-currentFinancialInstruments 2023-04-05 02044735 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-05 02044735 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-05 02044735 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-05 02044735 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-05 02044735 d:UKTax 2023-04-06 2024-04-05 02044735 d:UKTax 2022-04-06 2023-04-05 02044735 d:ShareCapital 2024-04-05 02044735 d:ShareCapital 2023-04-05 02044735 d:RetainedEarningsAccumulatedLosses 2023-04-06 2024-04-05 02044735 d:RetainedEarningsAccumulatedLosses 2024-04-05 02044735 d:RetainedEarningsAccumulatedLosses 2023-04-05 02044735 c:OrdinaryShareClass1 2023-04-06 2024-04-05 02044735 c:OrdinaryShareClass1 2024-04-05 02044735 c:OrdinaryShareClass1 2023-04-05 02044735 c:FRS102 2023-04-06 2024-04-05 02044735 c:AuditExemptWithAccountantsReport 2023-04-06 2024-04-05 02044735 c:FullAccounts 2023-04-06 2024-04-05 02044735 c:PrivateLimitedCompanyLtd 2023-04-06 2024-04-05 02044735 d:AcceleratedTaxDepreciationDeferredTax 2024-04-05 02044735 d:AcceleratedTaxDepreciationDeferredTax 2023-04-05 02044735 d:TaxLossesCarry-forwardsDeferredTax 2024-04-05 02044735 d:TaxLossesCarry-forwardsDeferredTax 2023-04-05 02044735 2 2023-04-06 2024-04-05 02044735 6 2023-04-06 2024-04-05 02044735 e:PoundSterling 2023-04-06 2024-04-05 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 02044735










Home Farm Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 5 April 2024

 
Home Farm Limited
 
  
Chartered accountants' report to the director on the preparation of the unaudited statutory financial statements of Home Farm Limited for the year ended 5 April 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Home Farm Limited for the year ended 5 April 2024 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of Home Farm Limited in accordance with the terms of our engagement letter dated 28 July 2022Our work has been undertaken solely to prepare for your approval the financial statements of Home Farm Limited and state those matters that we have agreed to state to the director of Home Farm Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Home Farm Limited and its director for our work or for this report. 

It is your duty to ensure that Home Farm Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Home Farm Limited. You consider that Home Farm Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Home Farm Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
Chartered Accountants
37 St Margaret's Street
Canterbury
Kent
CT1 2TU
17 December 2024
Page 1

 
Home Farm Limited
Registered number: 02044735

Balance sheet
As at 5 April 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
383,046
380,291

Investments
 6 
682,845
522,445

  
1,065,891
902,736

Current assets
  

Debtors: amounts falling due after more than one year
 7 
10,177
4,513

Cash at bank and in hand
  
29,410
24,707

  
39,587
29,220

Creditors: amounts falling due within one year
 8 
(79,941)
(71,283)

Net current liabilities
  
 
 
(40,354)
 
 
(42,063)

Total assets less current liabilities
  
1,025,537
860,673

Creditors: amounts falling due after more than one year
 9 
(229,215)
(250,851)

Provisions for liabilities
  

Deferred tax
 10 
(145,652)
(97,127)

  
 
 
(145,652)
 
 
(97,127)

Net assets
  
650,670
512,695


Capital and reserves
  

Called up share capital 
 11 
2
2

Profit and loss account
 12 
650,668
512,693

  
650,670
512,695


Page 2

 
Home Farm Limited
Registered number: 02044735

Balance sheet (continued)
As at 5 April 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr John Masters
Director
Date: 17 December 2024

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
Home Farm Limited
 

 
Notes to the financial statements
For the year ended 5 April 2024

1.


General information

Home Farm Limited is a private company limited by shares and was incorporated in England and Wales, with the registration number  2044735.
The address of the company's registered office is Hambrook Lodge, Hambrook Lane, Chilham, Kent, CT4 8DJ.
The financial statements are presented in pound Sterling and rounded to the nearest pound.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
Home Farm Limited
 

 
Notes to the financial statements
For the year ended 5 April 2024

2.Accounting policies (continued)

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
Nil
Office equipment
-
15% Reducing Balance
Computer equipment
-
40% Reducing Balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Valuation of investments

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.7

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 5

 
Home Farm Limited
 

 
Notes to the financial statements
For the year ended 5 April 2024

2.Accounting policies (continued)

 
2.9

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.10

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.



3.


Employees




The Company has no employees other than the director, who did not receive any remuneration (2023 - £NIL).

The average monthly number of employees, including directors, during the year was 0 (2023 - 0).

Page 6

 
Home Farm Limited
 

 
Notes to the financial statements
For the year ended 5 April 2024

4.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
6,902
(4,668)


6,902
(4,668)


Total current tax
6,902
(4,668)

Deferred tax


Origination and reversal of timing differences
48,525
24,658

Total deferred tax
48,525
24,658


Tax on profit/(loss)
55,427
19,990

Factors affecting tax charge for the year

There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of  19% (2023 - 19%).



Factors that may affect future tax charges

There are no factors which may affect the tax charge.

Page 7

 
Home Farm Limited
 

 
Notes to the financial statements
For the year ended 5 April 2024

5.


Tangible fixed assets





Freehold property
Office equipment
Total

£
£
£



Cost or valuation


At 6 April 2023
379,742
3,158
382,900


Additions
2,876
-
2,876



At 5 April 2024

382,618
3,158
385,776



Depreciation


At 6 April 2023
-
2,609
2,609


Charge for the year on owned assets
-
121
121



At 5 April 2024

-
2,730
2,730



Net book value



At 5 April 2024
382,618
428
383,046



At 5 April 2023
379,742
549
380,291


6.


Fixed asset investments





Listed investments - managed
Listed investments - unmanaged
Total

£
£
£



Cost or valuation


At 6 April 2023
515,502
6,943
522,445


Additions
19,992
-
19,992


Revaluations
135,683
4,725
140,408



At 5 April 2024
671,177
11,668
682,845




Page 8

 
Home Farm Limited
 

 
Notes to the financial statements
For the year ended 5 April 2024

7.


Debtors

2024
2023
£
£

Due after more than one year

Amounts due from clients
10,177
4,513



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
6,902
-

Other creditors
68,713
67,350

Accruals and deferred income
4,326
3,933

79,941
71,283



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other creditors
229,215
250,851


Page 9

 
Home Farm Limited
 

 
Notes to the financial statements
For the year ended 5 April 2024

10.


Deferred taxation




2024


£






At beginning of year
(97,127)


Charged to profit or loss
(48,525)



At end of year
(145,652)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Investment portfolio revaluation
(97,127)
(72,469)

Tax losses carried forward
(48,525)
(24,658)

(145,652)
(97,127)


11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2 (2023 - 2) Ordinary shares of £1 each
2
2



12.


Reserves

Profit and loss account

This reserve comprises all current and prior year period retained profits and losses ater deducting any distributions made to the company's shareholders.


13.


Controlling party

The company is controlled by Mr J and Mrs R Masters who hold 100% of the issued share capital.


Page 10