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Registration number: 11297673

Haye Farm Organics Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Haye Farm Organics Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Haye Farm Organics Limited

(Registration number: 11297673)
Statement of Financial Position as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

33,082

36,367

Current assets

 

Debtors

5

86,470

122,583

Creditors: Amounts falling due within one year

6

(120,457)

(103,975)

Net current (liabilities)/assets

 

(33,987)

18,608

Total assets less current liabilities

 

(905)

54,975

Creditors: Amounts falling due after more than one year

6

(30,590)

(36,190)

Provisions for liabilities

-

(3,085)

Net (liabilities)/assets

 

(31,495)

15,700

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

(31,496)

15,699

Shareholders' (deficit)/funds

 

(31,495)

15,700

 

Haye Farm Organics Limited

(Registration number: 11297673)
Statement of Financial Position as at 30 April 2024 (continued)

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 30 January 2025
 


Mr Harry Luca Boglione
Director

 

Haye Farm Organics Limited

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

1

General information

The address of its registered office is:
Haye Farm
Musbury
Axminster
Devon
EX13 8ST

Principal activity

The principal activity of the company is that of food processing and sale.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

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

 

Haye Farm Organics Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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 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.

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 statement of financial position 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

Plant and machinery

20% reducing balance

Fittings fixtures and equipment

25% reducing balance

Motor vehicle

25% reducing balance

 

Haye Farm Organics Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Impairment

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.

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 statement of comprehensive income 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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 9 (2023 - 6).

 

Haye Farm Organics Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

541

14,789

34,995

50,325

Additions

-

6,645

-

6,645

At 30 April 2024

541

21,434

34,995

56,970

Depreciation

At 1 May 2023

237

4,972

8,749

13,958

Charge for the year

76

3,292

6,562

9,930

At 30 April 2024

313

8,264

15,311

23,888

Carrying amount

At 30 April 2024

228

13,170

19,684

33,082

At 30 April 2023

304

9,817

26,246

36,367

5

Debtors

2024
£

2023
£

Trade debtors

85,808

120,766

Other debtors

662

1,817

86,470

122,583

 

Haye Farm Organics Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

41,919

28,429

Trade creditors

 

27,887

20,631

Accruals and deferred income

 

1,317

1,215

Other creditors

 

49,334

53,700

 

120,457

103,975

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

30,590

36,190

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Haye Farm Organics Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

30,590

36,190

Current loans and borrowings

2024
£

2023
£

Bank borrowings

6,618

6,618

Bank overdrafts

35,301

21,811

41,919

28,429

9

Related party transactions

Transactions with the director

2024

At 1 May 2023
£

Other payments made to company by director
£

At 30 April 2024
£

Mr Harry Luca Boglione

(52,633)

5,680

(46,953)

       
     

 

2023

At 1 May 2022
£

Other payments made to company by director
£

At 30 April 2023
£

Mr Harry Luca Boglione

(27,706)

(24,927)

(52,633)