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Registered number: 1668970









SOLES HILL FARM LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
SOLES HILL FARM LIMITED
 
 
COMPANY INFORMATION


DIRECTORS
C E W Gaskain 
Mrs D B Gaskain 




COMPANY SECRETARY
Mrs D B Gaskain



REGISTERED NUMBER
1668970



REGISTERED OFFICE
Norham Farm
Selling

Faversham

Kent

ME13 9RL




ACCOUNTANTS
Creasey Son & Wickenden
Chartered accountants

Hearts of Oak House

Pembroke Road

Sevenoaks

Kent

TN13 1XR





 
SOLES HILL FARM LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 8


 
SOLES HILL FARM LIMITED
REGISTERED NUMBER: 1668970

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 5 
900,000
908,000

Current assets
  

Debtors: amounts falling due within one year
 7 
1,608,625
900,901

Cash at bank and in hand
 8 
4,930
1,871

  
1,613,555
902,772

Creditors: amounts falling due within one year
 9 
(2,189,579)
(1,651,266)

Net current liabilities
  
 
 
(576,024)
 
 
(748,494)

  

Net assets
  
323,976
159,506


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
323,876
159,406

  
323,976
159,506


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Page 1

 
SOLES HILL FARM LIMITED
REGISTERED NUMBER: 1668970
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 January 2025.




C E W Gaskain
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
SOLES HILL FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


GENERAL INFORMATION

The company is incorporated in England and Wales and is a company limited by shares.  Its registered office is Norham Farm, Selling, Faversham, Kent ME13 9RL. 

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 and presented in pound sterling. Values are rounded to the nearest £. They present information for this company alone.

The company has taken advantage of the exemption from presenting a cash flow statement made available to small companies in FRS 102.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

On the basis of their assessment the directors consider that there are no material uncertainties that cast significant doubt upon the company's ability to continue as a going concern.  As such they continue to adopt the going concern basis of accounting in preparing these financial statements.

 
2.3

REVENUE

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
SOLES HILL FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
12.5% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.5
INTANGIBLE FIXED ASSETS AND AMORTISATION

A contract under which the company has the right to market top fruit is carried as an intangible fixed asset.  It is carried at its acquisition cost less amortisation which is being released to the Statement of comprehensive income  over its estimated economic life of 125 years.

 
2.6

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).

Page 4

 
SOLES HILL FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


TAXATION


2024
2023
£
£



Total current tax
-
-

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
164,470
138,170


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
41,118
26,252

Effects of:


Group relief
(41,118)
(26,252)

Total tax charge for the year
-
-


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.

Page 5

 
SOLES HILL FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


INTANGIBLE ASSETS




Marketing agreement

£



Cost


At 1 May 2023
1,000,000



At 30 April 2024

1,000,000



Amortisation


At 1 May 2023
92,000


Charge for the year on owned assets
8,000



At 30 April 2024

100,000



Net book value



At 30 April 2024
900,000



At 30 April 2023
908,000



Page 6

 
SOLES HILL FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


TANGIBLE FIXED ASSETS





Plant and machinery

£



Cost or valuation


At 1 May 2023
5,258



At 30 April 2024

5,258



Depreciation


At 1 May 2023
5,258



At 30 April 2024

5,258



Net book value



At 30 April 2024
-



At 30 April 2023
-


7.


DEBTORS

2024
2023
£
£


Other debtors
1,366,040
649,523

Prepayments and accrued income
242,585
251,378

1,608,625
900,901



8.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
4,930
1,871


Page 7

 
SOLES HILL FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

9.


CREDITORS: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,287,957
609,683

Other taxation and social security
16,078
13,511

Other creditors
664,717
795,671

Accruals and deferred income
220,827
232,401

2,189,579
1,651,266



10.


CONTROLLING PARTY

The company is under the joint control of its two shareholders.


11.


RELATED PARTY TRANSACTIONS

The table below shows the transactions and balances with related parties.  Those with "parties with control" are primarily with one of the company's shareholders which provides the top fruit which Soles Hill Farm Limited then markets on its behalf.
None of the balances below are secured or guaranteed.  No impairment charge has been recognised.  All are due to be settled by payment rather than some other form of consideration.  


2024
2023
£
£

Paid to parties with control
73,613
65,775
Received from parties with control
2,959,865
2,483,093
Owed by parties with control
858,908
438,246
Owed to parties with control
1,939,595
1,392,274

 
Page 8