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REGISTERED NUMBER: 01393245 (England and Wales)















Finefarm Limited

Unaudited Financial Statements for the Year Ended 31 May 2024






Finefarm Limited (Registered number: 01393245)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


Finefarm Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: C R Passmore
S R Passmore



REGISTERED OFFICE: 4 King Square
Bridgwater
Somerset
TA6 3YF



REGISTERED NUMBER: 01393245 (England and Wales)



ACCOUNTANTS: Maxwells
Chartered Accountants
4 King Square
Bridgwater
Somerset
TA6 3YF



BANKERS: Lloyds Bank plc
25 Cornhill
Bridgwater
Somerset
TA6 3AY

Finefarm Limited (Registered number: 01393245)

Abridged Statement of Financial Position
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 10,087,968 9,951,095

CURRENT ASSETS
Stocks 194,121 225,371
Debtors 556,286 557,364
Cash at bank 2,330,307 1,716,905
3,080,714 2,499,640
CREDITORS
Amounts falling due within one year 914,186 965,393
NET CURRENT ASSETS 2,166,528 1,534,247
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,254,496

11,485,342

CREDITORS
Amounts falling due after more than one
year

(20,410

)

(55,459

)

PROVISIONS FOR LIABILITIES (468,389 ) (440,575 )
NET ASSETS 11,765,697 10,989,308

CAPITAL AND RESERVES
Called up share capital 1,990,101 1,990,101
Retained earnings 9,775,596 8,999,207
SHAREHOLDERS' FUNDS 11,765,697 10,989,308

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

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.

Finefarm Limited (Registered number: 01393245)

Abridged Statement of Financial Position - continued
31 May 2024


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

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 May 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 February 2025 and were signed on its behalf by:





C R Passmore - Director


Finefarm Limited (Registered number: 01393245)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Finefarm Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 2% on cost
Plant and machinery etc - 33% on cost, 15% on reducing balance and not provided

Freehold land and Herd are not depreciated as the directors believe that the value in the accounts is not materially different to its recoverable amount.

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 Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Finefarm Limited (Registered number: 01393245)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

3. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 10 ) .

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 June 2023 11,508,750
Additions 511,775
Disposals (140,464 )
Grants (24,455 )
At 31 May 2024 11,855,606
DEPRECIATION
At 1 June 2023 1,557,655
Charge for year 302,905
Eliminated on disposal (92,922 )
At 31 May 2024 1,767,638
NET BOOK VALUE
At 31 May 2024 10,087,968
At 31 May 2023 9,951,095

Included in cost of land and buildings is freehold land of £ 7,078,301 (2023 - £ 7,078,301 ) which is not depreciated.

Finefarm Limited (Registered number: 01393245)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 June 2023 524,990
Additions 81,745
Transfer to ownership (106,650 )
At 31 May 2024 500,085
DEPRECIATION
At 1 June 2023 139,135
Charge for year 60,660
Transfer to ownership (43,451 )
At 31 May 2024 156,344
NET BOOK VALUE
At 31 May 2024 343,741
At 31 May 2023 385,855

6. SECURED DEBTS

The following secured debts are included within creditors:

31.5.24 31.5.23
£    £   
Bank loans 21,667 31,667
Hire purchase contracts 63,516 112,726
85,183 144,393

Hire purchase agreements are secured on the assets to which they relate.

The bank overdraft is secured by a fixed and floating charge over all the assets of the company. The bank loan is a bounce back loan which is government backed.

7. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is CR and SR Passmore.

The company was controlled throughout the current and previous period by its directors by virtue of the fact that they own all of the issued share capital.