Company registration number 00430083 (England and Wales)
NETTLESTEAD FARM LIMITED
Unaudited Financial Statements
For The Year Ended 30 April 2024
Pages For Filing With Registrar
Nettlestead Farm Limited
NETTLESTEAD FARM LIMITED
Contents
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
Nettlestead Farm Limited
NETTLESTEAD FARM LIMITED
Accountants' Report To The Director On The Preparation Of The Unaudited Statutory Financial Statements Of Nettlestead Farm Limited For The Year Ended 30 April 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Nettlestead Farm Limited for the year ended 30 April 2024 which comprise, the 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 at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Nettlestead Farm Limited, as a body, in accordance with the terms of our engagement letter dated 11 December 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Nettlestead Farm Limited and state those matters that we have agreed to state to the board of directors of Nettlestead Farm Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Nettlestead Farm Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Nettlestead Farm 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 loss of Nettlestead Farm Limited. You consider that Nettlestead Farm 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 Nettlestead Farm 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.
Chavereys Limited
31 January 2025
Chartered Accountants
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
Nettlestead Farm Limited
NETTLESTEAD FARM LIMITED
Balance Sheet
As At 30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
341,015
165,531
Current assets
Stocks
4
62,517
63,557
Debtors
5
16,838
104,883
Cash at bank and in hand
521
48,142
79,876
216,582
Creditors: amounts falling due within one year
6
(52,337)
(1,700)
Net current assets
27,539
214,882
Total assets less current liabilities
368,554
380,413
Creditors: amounts falling due after more than one year
7
(60,000)
Net assets
308,554
380,413
Capital and reserves
Called up share capital
8,000
8,000
Other reserves
30,751
30,751
Profit and loss reserves
269,803
341,662
Total equity
308,554
380,413
The notes on pages 4 to 7 form part of these financial statements.
Nettlestead Farm Limited
NETTLESTEAD FARM LIMITED
Balance Sheet (Continued)
As At 30 April 2024
- 3 -
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 30 January 2025
H J Clark
Director
Company registration number 00430083 (England and Wales)
Nettlestead Farm Limited
NETTLESTEAD FARM LIMITED
Notes To The Financial Statements
For The Year Ended 30 April 2024
- 4 -
1
Accounting policies
Company information
Nettlestead Farm Limited is a private company limited by shares incorporated in England and Wales. The registered office is Boughton Place, Sandway, Maidstone, Kent, England, ME17 2BD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Not depreciated
Plant and equipment
20% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stock is valued at the lower of cost and net realisable value after making due allowances for obsolete and slow-moving stock. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Where cost cannot be reliably calculated, deemed cost is used in line with HMRC guidance HS232.
Biological assets are living plants controlled by the company from which it expects to derive future economic benefit. These are measured at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Nettlestead Farm Limited
NETTLESTEAD FARM LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 April 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.7
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
Payments received under agricultural support schemes are recognised as income when the business has met all criteria which entitle it to the payments.
Amounts received under the Basic Payment scheme are recognised on 31 December in the year of claim. No provision has been made for penalties arising from the failure to comply with ‘cross compliance’ conditions, as defined by the RPA, except for where notification has been received.
Nettlestead Farm Limited
NETTLESTEAD FARM LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 April 2024
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Total
£
£
£
Cost
At 1 May 2023
165,033
9,863
174,896
Additions
215,000
215,000
At 30 April 2024
165,033
224,863
389,896
Depreciation and impairment
At 1 May 2023
9,365
9,365
Depreciation charged in the year
39,516
39,516
At 30 April 2024
48,881
48,881
Carrying amount
At 30 April 2024
165,033
175,982
341,015
At 30 April 2023
165,033
498
165,531
4
Stocks
Growing crop
62,517
63,557
Biological assets included within stock are as follows:
Biological assets - growing crop
2024
2023
£
£
As at 1 May
63,557
37,121
Net movement on cultivations
(1,040)
26,436
As at 30 April
62,517
63,557
Nettlestead Farm Limited
NETTLESTEAD FARM LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 April 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
104,883
Deferred tax asset
16,838
16,838
104,883
6
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
20,000
Other creditors
28,112
Accruals and deferred income
4,225
1,700
52,337
1,700
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under finance leases
60,000
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Assets
Assets
2024
2023
Balances:
£
£
Accelerated capital allowances
(33,436)
-
Tax losses
50,274
-
16,838
-
2024
Movements in the year:
£
Liability at 1 May 2023
-
Credit to profit or loss
(16,838)
Asset at 30 April 2024
(16,838)