2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-02-01 Sage Accounts Production Advanced 2024 - FRS102_2024 26,621 11,409 3,803 15,212 11,409 15,212 xbrli:pure xbrli:shares iso4217:GBP 12148408 2023-02-01 2024-01-31 12148408 2024-01-31 12148408 2023-01-31 12148408 2022-02-01 2023-01-31 12148408 2023-01-31 12148408 2022-01-31 12148408 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 12148408 core:MotorVehicles 2023-02-01 2024-01-31 12148408 bus:Director1 2023-02-01 2024-01-31 12148408 core:WithinOneYear 2024-01-31 12148408 core:WithinOneYear 2023-01-31 12148408 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-31 12148408 core:PlantMachinery 2023-01-31 12148408 core:MotorVehicles 2023-01-31 12148408 core:LandBuildings core:OwnedOrFreeholdAssets 2024-01-31 12148408 core:PlantMachinery 2024-01-31 12148408 core:MotorVehicles 2024-01-31 12148408 core:PlantMachinery 2023-02-01 2024-01-31 12148408 core:ShareCapital 2024-01-31 12148408 core:ShareCapital 2023-01-31 12148408 core:RetainedEarningsAccumulatedLosses 2024-01-31 12148408 core:RetainedEarningsAccumulatedLosses 2023-01-31 12148408 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-31 12148408 core:PlantMachinery 2023-01-31 12148408 core:MotorVehicles 2023-01-31 12148408 bus:SmallEntities 2023-02-01 2024-01-31 12148408 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 12148408 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 12148408 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 12148408 bus:FullAccounts 2023-02-01 2024-01-31 12148408 core:OfficeEquipment 2023-02-01 2024-01-31 12148408 core:IntangibleAssetsOtherThanGoodwill 2024-01-31 12148408 core:IntangibleAssetsOtherThanGoodwill 2023-01-31 12148408 core:IntangibleAssetsOtherThanGoodwill 2023-02-01 2024-01-31 12148408 core:OfficeEquipment 2024-01-31 12148408 core:KeyManagementIndividualGroup1 2023-02-01 2024-01-31 12148408 core:KeyManagementIndividualGroup1 2024-01-31 12148408 core:KeyManagementIndividualGroup1 2023-01-31
COMPANY REGISTRATION NUMBER: 12148408
Herring Farms Limited
Filleted Unaudited Financial Statements
For the year ended
31 January 2024
Herring Farms Limited
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
£
£
Fixed assets
Intangible assets
5
11,409
15,212
Tangible assets
6
6,548,486
6,504,531
-------------
-------------
6,559,895
6,519,743
Current assets
Stocks
134,238
170,939
Debtors
7
116,064
79,841
Cash at bank and in hand
63,973
27,003
----------
----------
314,275
277,783
Creditors: amounts falling due within one year
8
7,170,151
7,016,971
-------------
-------------
Net current liabilities
6,855,876
6,739,188
-------------
-------------
Total assets less current liabilities
( 295,981)
( 219,445)
----------
----------
Net liabilities
( 295,981)
( 219,445)
----------
----------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 296,081)
( 219,545)
----------
----------
Shareholders deficit
( 295,981)
( 219,445)
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Herring Farms Limited
Statement of Financial Position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 24 January 2025 , and are signed on behalf of the board by:
S D Herring
Director
Company registration number: 12148408
Herring Farms Limited
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Highfield Farm, Otby Lane, Walesby, Market Rasen, Lincolnshire, LN8 3UU.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis . The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Going concern
The balance sheet at 31 January 2024 shows that liabilities exceeded assets by £295,981. Current liabilities includes a loan from a director totalling over £6.4million. The company relies on the continued support of the director to enable it to continue normal trading activities, which the director confirms will be made available for the foreseeable future. The UK economy has recently been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.
(c) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
(d) Current tax
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference .
(e) Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
(f) Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Entitlement
-
7 years staight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
(g) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(h) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant and machinery
-
15 - 20% reducing balance
Motor vehicles
-
20% reducing balance
Office equipment
-
15% reducing balance
Land is not depreciated.
(i) Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
(j) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Stocks of unsold farm produce on hand at the year end date are valued using the industry standard valuation method set out in H M Revenue & Customs help sheet IR232.
(k) Financial instruments
Financial instruments are classified and accounted for, according to the substance of contractual agreement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities .
(l) Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Intangible assets
Entitlements
£
Cost
At 1 February 2023 and 31 January 2024
26,621
--------
Amortisation
At 1 February 2023
11,409
Charge for the year
3,803
--------
At 31 January 2024
15,212
--------
Carrying amount
At 31 January 2024
11,409
--------
At 31 January 2023
15,212
--------
6. Tangible assets
Freehold property
Plant and machinery
Motor vehicles
Office equipment
Total
£
£
£
£
£
Cost
At 1 February 2023
6,255,233
373,991
13,536
6,642,760
Additions
41,758
60,498
1,048
103,304
Disposals
( 14,500)
( 14,500)
-------------
----------
--------
-------
-------------
At 31 January 2024
6,296,991
419,989
13,536
1,048
6,731,564
-------------
----------
--------
-------
-------------
Depreciation
At 1 February 2023
9,466
122,157
6,606
138,229
Charge for the year
4,203
41,575
1,386
114
47,278
Disposals
( 2,429)
( 2,429)
-------------
----------
--------
-------
-------------
At 31 January 2024
13,669
161,303
7,992
114
183,078
-------------
----------
--------
-------
-------------
Carrying amount
At 31 January 2024
6,283,322
258,686
5,544
934
6,548,486
-------------
----------
--------
-------
-------------
At 31 January 2023
6,245,767
251,834
6,930
6,504,531
-------------
----------
--------
-------
-------------
7. Debtors
2024
2023
£
£
Trade debtors
59,318
10,101
Other debtors
56,746
69,740
----------
--------
116,064
79,841
----------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
6,684
17,865
Accruals and deferred income
3,560
23,537
Social security and other taxes
10,554
545
Director loan accounts
6,433,380
6,416,510
Other creditors
715,973
558,514
-------------
-------------
7,170,151
7,016,971
-------------
-------------
9. Related party transactions
During the period a director made a loan to the company. No interest was charged on the loan during the period and the loan is repayable on demand . As at 31 January 2024 the balance owed to the director totalled £ 6,433,380 (2023 - £ 6,416,510 ).