REGISTERED NUMBER: |
Arlington Farming Limited |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
REGISTERED NUMBER: |
Arlington Farming Limited |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
Arlington Farming Limited (Registered number: 03526108) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 5 |
Arlington Farming Limited |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
trading as The Hutchinson Partnership |
Chartered Accountants |
The Bull Pen |
Grove Farm |
Portway, Burghill |
Hereford |
HR4 8NF |
BANKERS: |
33 Park Row |
Leeds |
West Yorkshire |
LS1 1LD |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Arlington Farming Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Income and Retained Earnings and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Arlington Farming Limited for the year ended 31 March 2024 which comprise the Statement of Income and Retained Earnings, 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Arlington Farming Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Arlington Farming Limited and state those matters that we have agreed to state to the Board of Directors of Arlington Farming Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Arlington Farming Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Arlington Farming 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 Arlington Farming Limited. You consider that Arlington Farming Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Arlington Farming 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. |
trading as The Hutchinson Partnership |
Chartered Accountants |
The Bull Pen |
Grove Farm |
Portway, Burghill |
Hereford |
HR4 8NF |
Arlington Farming Limited (Registered number: 03526108) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Allotted, issued and fully |
paid share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
Arlington Farming Limited (Registered number: 03526108) |
Balance Sheet - continued |
31 March 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Arlington Farming Limited (Registered number: 03526108) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Arlington Farming Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The directors have considered the financial requirements of the company and consider that it will be able to operate within its agreed finance facilities for the next 12 months. The directors therefore consider it appropriate to prepare accounts on the going concern basis. |
Turnover |
Turnover represents electricity generated by the company's renewable energy assets together with milk and cattle sales from its two dairy farms and cattle externally hired out to another farm. Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible fixed assets |
Intangible fixed assets are stated at cost less aggregate amortisation and permanent diminution in value. Intangible fixed assets are amortised on a straight-line basis so as to spread their cost over their expected useful economic lives as follows - |
Entitlements - in full in year of acquisition. |
Tangible fixed assets |
Freehold land | - |
Farm buildings | - |
Plant and machinery | - |
Motor vehicles | - |
Herd | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Arlington Farming Limited (Registered number: 03526108) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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 or other future taxable profits. |
Investments |
Investments held as fixed assets are stated at cost less any provision for impairment as the market value is not readily quantifiable. |
Biological assets |
The company has the following biological assets which are valued as disclosed :- |
Dairy herd - included in fixed assets and valued at depreciated cost. |
Youngstock - included in stock and valued at their estimated cost with reference to current market values |
3. | EMPLOYEES |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
AMORTISATION |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Arlington Farming Limited (Registered number: 03526108) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
5. | TANGIBLE FIXED ASSETS |
Freehold | Farm | Plant and |
land | buildings | machinery |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Motor |
vehicles | Herd | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Arlington Farming Limited (Registered number: 03526108) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
6. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
7. | DEBTORS |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Prepayments and accrued income | 639,750 | 374,602 |
Amounts owed by participating interests | 192,603 | 217,124 |
VAT |
Amounts falling due after more than one year: |
Amounts owed by participating interests | 488,829 | 731,178 |
Aggregate amounts |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to participating interests | 24,733 | 24,733 |
Corporation tax payable |
Accruals and deferred income |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Accruals & deferred income |
Arlington Farming Limited (Registered number: 03526108) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
10. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax |
Deferred tax - accelerated |
capital allowances | 397,124 | 354,887 |
Deferred tax - herd movement | (77,840 | ) | (92,849 | ) |
319,284 | 262,038 |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Accelerated capital allowances | 42,237 |
Herd movement | 15,009 |
Balance at 31 March 2024 |
11. | OTHER FINANCIAL COMMITMENTS |
The company has financial commitments of £553,470 (2023: £665,156) relating to the renting of land for a period which runs to September 2031. |
12. | RELATED PARTY DISCLOSURES |
From time to time the company lends or borrows money from other entities connected to the directors. Balances due or outstanding are as shown in the debtors and creditors notes. Interest is charged/paid on these balances, apart from balances owed solely to the directors or the secretary or the Astley Charitable Trust, based upon HMRC's official rate of interest |
Cattle are hired out to a company connected to the directors of Arlington Farming Limited, deadstock disposal costs and a management fee are paid to the connected company. Income for the year from cow hire and cattle sales is £143,950 (2023: £82,527); the deadstock disposal costs are £2,737 (2023: £Nil); the management fee paid is £12,000 (2023: £12,000), and Arlington Farming Limited is owed £270,485 (2023: £139,490) at the year end. |
At the year end the company was owed £42,778 (2023: £43,087) from a company which is controlled by one of the directors. Arlington Farming Limited had a trade creditor balance of £Nil (2023: £31,150) with the same company. Arlington Farming Ltd had also loaned £681,432 (2023: £916,052) to the same company. A commercial rate of interest is charged on the loan. |