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Company No: 00631780 (England and Wales)

GUNDENHAM FARMS LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

GUNDENHAM FARMS LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

GUNDENHAM FARMS LIMITED

BALANCE SHEET

As at 30 April 2024
GUNDENHAM FARMS LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 0 7,027
Tangible assets 4 1,261,298 1,276,447
Investment property 5 250,000 0
1,511,298 1,283,474
Current assets
Stocks 6, 7 92,532 88,569
Debtors 8 148,015 48,708
Cash at bank and in hand 90,245 366,120
330,792 503,397
Creditors: amounts falling due within one year 9 ( 498,995) ( 577,935)
Net current liabilities (168,203) (74,538)
Total assets less current liabilities 1,343,095 1,208,936
Creditors: amounts falling due after more than one year 10 ( 725,000) ( 745,694)
Provision for liabilities ( 17,466) 0
Net assets 600,629 463,242
Capital and reserves
Called-up share capital 9,333 9,333
Share premium account 666 666
Revaluation reserve 249,000 0
Profit and loss account 341,630 453,243
Total shareholder's funds 600,629 463,242

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.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Gundenham Farms Limited (registered number: 00631780) were approved and authorised for issue by the Board of Directors on 31 January 2025. They were signed on its behalf by:

H M Cottrell
Director
GUNDENHAM FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
GUNDENHAM FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Gundenham Farms Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Entitlements 3 years straight line
Other intangible assets

Basic payment scheme (BPS) entitlements are initially recognised at cost. Cost for originally granted BPS entitlements, is the fair value on transition to FRS102 and has been recognised through a debit to intangible assets and a credit to deferred income. Both purchased and granted entitlements are subsequently measured at cost less accumulated amortisation and impairment losses. For granted BPS, deferred income is released to the profit and loss as other operating income at the same rate at which the intangible asset is amortised.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 100 years straight line
Plant and machinery 20 % reducing balance
Vehicles 15 % reducing balance
Fixtures and fittings 2 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Stocks

Stock comprising agricultural produce (i.e. silage/straw in store) and deadstock such as feed, fertiliser and sprays are stated at the lower of cost and estimated selling price less costs to complete and sell. Agricultural livestock (i.e crops in store) harvested from biological assets are measured at the point of harvest. Included within stocks are current biological assets being dairy followers and tillages.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. 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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in other operating income over the period in which the related costs are recognised, and timing differences are presented as other debtors or deferred income within the balance sheet. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Intangible assets

Entitlements Total
£ £
Cost
At 01 May 2023 21,081 21,081
Disposals ( 21,081) ( 21,081)
At 30 April 2024 0 0
Accumulated amortisation
At 01 May 2023 14,054 14,054
Charge for the financial year 7,027 7,027
Disposals ( 21,081) ( 21,081)
At 30 April 2024 0 0
Net book value
At 30 April 2024 0 0
At 30 April 2023 7,027 7,027

4. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 May 2023 108,639 267,648 132,610 1,040,295 1,549,192
Additions 1,850 53,152 0 0 55,002
Disposals ( 1,000) 0 0 0 ( 1,000)
At 30 April 2024 109,489 320,800 132,610 1,040,295 1,603,194
Accumulated depreciation
At 01 May 2023 2,040 112,555 63,805 94,345 272,745
Charge for the financial year 1,089 38,852 10,321 18,919 69,181
Disposals ( 30) 0 0 0 ( 30)
At 30 April 2024 3,099 151,407 74,126 113,264 341,896
Net book value
At 30 April 2024 106,390 169,393 58,484 927,031 1,261,298
At 30 April 2023 106,599 155,093 68,805 945,950 1,276,447

5. Investment property

Investment property
£
Valuation
As at 01 May 2023 0
Additions 1,000
Fair value movement 249,000
As at 30 April 2024 250,000

Investment properties, which are all freehold, were revalued to fair value at 30 April 2024, based on a valuation undertaken by the directors. The method of determining fair value was on the basis of market rental value. There has been no valuation of investment property by an independent professional.

6. Stocks

2024 2023
£ £
Livestock 0 23,331
Crops 66,802 37,973
Other stock 25,730 27,265
92,532 88,569

Included within Crops are current biological assets as detailed in note 7.

7. Current biological assets

Assets held at cost:

Growing crops Total
£ £
Cost
At 01 May 2023 24,273 24,273
Increase from new crop costs 17,052 17,052
Decrease resulting from harvesting (24,273) (24,273)
At 30 April 2024 17,052 17,052

8. Debtors

2024 2023
£ £
Trade debtors 17,546 0
Amounts owed by Group undertakings 110,552 31,042
Other debtors 19,917 17,666
148,015 48,708

9. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 27,747 29,377
Amounts owed to Group undertakings 2,227 0
Other taxation and social security 1,128 0
Obligations under finance leases and hire purchase contracts 20,694 31,529
Other creditors 447,199 517,029
498,995 577,935

Included with other creditors are amounts owed to the directors

10. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 725,000 725,000
Obligations under finance leases and hire purchase contracts 0 20,694
725,000 745,694

Bank borrowings are secured against land owned personally by the directors. There are fixed and floating charges against the assets of the group companies relating to off balance sheet loans.

Net obligations under finance lease and hire purchase contracts are secured by fixed charges over the assets to which they relate, included within plant and machinery and vehicles.

11. Off Balance Sheet arrangements

There is a floating charge against the assets of the group companies relating to off balance sheet loans. These loans are secured against land owned personally by the directors.