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REGISTERED NUMBER: 01012352 (England and Wales)






















Financial Statements for the Year Ended 5th April 2024

for

Contract Hover Limited

Contract Hover Limited (Registered number: 01012352)






Contents of the Financial Statements
for the year ended 5th April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Contract Hover Limited

Company Information
for the year ended 5th April 2024







DIRECTORS: Lord Hotham
The Hon W B Hotham
The Lady A M Hotham





SECRETARY: Mr S N Fairbank





REGISTERED OFFICE: The Estate Office
West End
South Dalton
Beverley
East Yorkshire
HU17 7PN





REGISTERED NUMBER: 01012352 (England and Wales)





ACCOUNTANTS: Smailes Goldie Limited
Chartered Accountants
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

Contract Hover Limited (Registered number: 01012352)

Balance Sheet
5th April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 41,813 49,387
41,813 49,387

CURRENT ASSETS
Stocks 347,834 437,823
Debtors 6 563,039 616,686
Investments 7 1 1
Cash at bank 135,370 77,697
1,046,244 1,132,207
CREDITORS
Amounts falling due within one year 8 305,063 501,195
NET CURRENT ASSETS 741,181 631,012
TOTAL ASSETS LESS CURRENT
LIABILITIES

782,994

680,399

PROVISIONS FOR LIABILITIES 8,583 10,222
NET ASSETS 774,411 670,177

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 774,311 670,077
SHAREHOLDERS' FUNDS 774,411 670,177

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5th April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 5th April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Contract Hover Limited (Registered number: 01012352)

Balance Sheet - continued
5th April 2024


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

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18th December 2024 and were signed on its behalf by:




Lord Hotham - Director The Lady A M Hotham - Director




The Hon W B Hotham - Director


Contract Hover Limited (Registered number: 01012352)

Notes to the Financial Statements
for the year ended 5th April 2024

1. STATUTORY INFORMATION

Contract Hover Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard Applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

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

Turnover
Turnover represents sales of farm produce and associated income, net of VAT and trade discounts.
Turnover is recognised when the economic risks and rewards pass to third parties, usually on the dispatch of goods.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation
Depreciation of fixed assets is charged by annual instalments commencing with the year of acquisition at rates estimated to write off their cost less any residual value over the expected useful lives.

The annual rates used are as follows:

Long leasehold Over lease term
Improvements to
property

5% on cost
Plant and machinery 10 - 20% on cost

Stocks
Stocks, including biological assets, are stated at the lower of cost and net realisable value. Cost is determined using the first-in, first-out (FIFO) method and represents costs incurred to date to bring growing crops and finished produce to its current state. Net realisable value is estimated selling price in the ordinary course of business, less applicable variable selling expenses.


Contract Hover Limited (Registered number: 01012352)

Notes to the Financial Statements - continued
for the year ended 5th April 2024

2. ACCOUNTING POLICIES - continued
Current & deferred tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current and past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities and other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Debtors and creditors receivable/ payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Government grants
Amounts receivable under the Common Agricultural Policy subsidy schemes are recognised as income in the profit and loss account when the eligibility criteria have been satisfied at the end of the scheme year.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - NIL ) .

Contract Hover Limited (Registered number: 01012352)

Notes to the Financial Statements - continued
for the year ended 5th April 2024

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 6th April 2023
and 5th April 2024 47,254
AMORTISATION
At 6th April 2023
and 5th April 2024 47,254
NET BOOK VALUE
At 5th April 2024 -
At 5th April 2023 -

5. TANGIBLE FIXED ASSETS
Improvements
Long to Plant and
leasehold property machinery Totals
£    £    £    £   
COST
At 6th April 2023
and 5th April 2024 2,890 22,909 125,501 151,300
DEPRECIATION
At 6th April 2023 330 16,036 85,547 101,913
Charge for year 29 1,145 6,400 7,574
At 5th April 2024 359 17,181 91,947 109,487
NET BOOK VALUE
At 5th April 2024 2,531 5,728 33,554 41,813
At 5th April 2023 2,560 6,873 39,954 49,387

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 67,444 25,229
Other debtors 397,000 456,445
VAT 22,825 43,660
Prepayments and accrued income 75,770 91,352
563,039 616,686

Other debtors include a secured loan of £90,000 (2023 £90,000) Repayable within a period of 15 years by annual instalments in amounts notified by the lender. Interest is chargeable at the rate of 0.5% over the base rate of Barclays Bank plc.

Contract Hover Limited (Registered number: 01012352)

Notes to the Financial Statements - continued
for the year ended 5th April 2024

7. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Unlisted investments 1 1

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,314 1,464
Trade creditors 141,590 314,328
Tax 34,840 19,821
Other creditors 19,211 400
Accruals and deferred income 99,108 165,182
305,063 501,195

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 101,188 101,188
Between one and five years 18,258 18,258
119,446 119,446

10. RELATED PARTY DISCLOSURES

Key management personnel of the entity

2024 2023
£    £   
Directors' remuneration and other benefits 9,100 9,100


Entities with control, joint control or significant influence over the entity

2024 2023
£    £   
Amounts owed to related party 66,940 190,174