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Registration number: 00571580

Guiting Manor Farms Limited

Filleted Financial Statements

for the Year Ended 30 April 2024

 

Guiting Manor Farms Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 10

 

Guiting Manor Farms Limited

Company Information

Directors

Mr Nicholas John Bumford

Mr Paul Jonathan Silcock

Mr Charles Henry Arkell

Registered office

Main Farm Building
Winchcombe Road
Guiting Power
Gloucestershire
GL54 5UX

Solicitors

Willans Solicitors LLP
28 Imperial Square
Cheltenham
Gloucestershire
GL50 1RH

Auditors

Just Audit & Assurance Ltd
Registered Auditor
37 Market Square
Witney
Oxfordshire
OX28 6RE

 

Guiting Manor Farms Limited

(Registration number: 00571580)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,208,790

1,552,422

Other financial assets

5

59

59

 

1,208,849

1,552,481

Current assets

 

Stocks

6

714,439

644,254

Debtors

7

332,753

341,597

Cash at bank and in hand

 

1,037,649

662,186

 

2,084,841

1,648,037

Creditors: Amounts falling due within one year

8

(381,827)

(329,598)

Net current assets

 

1,703,014

1,318,439

Total assets less current liabilities

 

2,911,863

2,870,920

Creditors: Amounts falling due after more than one year

8

-

(81,243)

Provisions for liabilities

(278,285)

(362,274)

Net assets

 

2,633,578

2,427,403

Capital and reserves

 

Called up share capital

650

650

Retained earnings

2,632,928

2,426,753

Shareholders' funds

 

2,633,578

2,427,403

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.

Approved and authorised by the Board on 27 January 2025 and signed on its behalf by:
 

.........................................
Mr Nicholas John Bumford
Director

 

Guiting Manor Farms Limited

Notes to the 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.

The address of its registered office is:
Main Farm Building
Winchcombe Road
Guiting Power
Gloucestershire
GL54 5UX

These financial statements were authorised for issue by the Board on 27 January 2025.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 27 January 2025 was Jonathan Russell, who signed for and on behalf of Just Audit & Assurance Ltd.

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.

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.

 

Guiting Manor Farms Limited

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

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.

It is expected that an element of the profits reported will have been paid across to its parent, Guiting Manor Amenity Trust, within nine months following the end of the reporting period. Following guidance within FRED 68 - Payments by subsidiaries to their charitable parents that qualify for gift aid, no income tax nor deferred tax provisions are made within the accounts for such payment as no charge is expected to crystallise.

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.

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

Property improvements

straight line over 40 years

Fencing

10% straight line

Plant and Equipment

10% straight line

Motor Vehicles

20% straight line

Tractors and Combines

15% - 20% straight line

Farm machinery

15% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Guiting Manor Farms Limited

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

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Guiting Manor Farms Limited

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

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 10 (2023 - 9).

 

Guiting Manor Farms Limited

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

4

Tangible assets

Land and buildings
£

Tractors, combines and farm machinery
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2023

174,899

1,882,920

88,677

1,446,902

3,593,398

Additions

-

30,500

-

-

30,500

Disposals

-

(186,738)

-

(7,000)

(193,738)

At 30 April 2024

174,899

1,726,682

88,677

1,439,902

3,430,160

Depreciation

At 1 May 2023

130,770

1,058,135

39,740

812,331

2,040,976

Charge for the year

4,123

158,629

13,388

127,721

303,861

Eliminated on disposal

-

(120,667)

-

(2,800)

(123,467)

At 30 April 2024

134,893

1,096,097

53,128

937,252

2,221,370

Carrying amount

At 30 April 2024

40,006

630,585

35,549

502,650

1,208,790

At 30 April 2023

44,129

824,785

48,937

634,571

1,552,422

Included within the net book value of land and buildings above is £40,006 (2023 - £44,129) in respect of long leasehold land and buildings.
 

 

Guiting Manor Farms Limited

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

5

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

59

59

At 30 April 2024

59

59

Impairment

Carrying amount

At 30 April 2024

59

59

6

Stocks

2024
£

2023
£

Sheep

75,325

66,245

Work in progress - tillages

236,480

231,916

Other inventories

402,634

346,093

714,439

644,254

7

Debtors

Current

2024
£

2023
£

Trade debtors

332,753

335,072

Other debtors

-

6,525

 

332,753

341,597

 

Guiting Manor Farms Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

86,620

192,433

Trade creditors

 

168,195

64,123

Taxation and social security

 

103,150

31,866

Accruals and deferred income

 

23,351

40,696

Other creditors

 

511

480

 

381,827

329,598

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

-

81,243

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

-

81,243

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

86,620

192,433

 

Guiting Manor Farms Limited

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

10

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

116,324

116,104

Contributions paid to money purchase schemes

18,139

8,597

134,463

124,701

11

Parent and ultimate parent undertaking

The ultimate controlling party is Guiting Manor Amenity Trust.

12

APB Ethical Standards relevant circumstances

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.