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REGISTERED NUMBER: 00513672 (England and Wales)















Herbert Payne (Farms) Limited

Unaudited Financial Statements for the Year Ended 31 March 2024






Herbert Payne (Farms) Limited (Registered number: 00513672)






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




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Herbert Payne (Farms) Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mrs S P Burbridge
P L Burbridge





SECRETARY: Mrs N T Butler





REGISTERED OFFICE: Swanton Farm
Bicknor
Sittingbourne
Kent
ME9 8AT





REGISTERED NUMBER: 00513672 (England and Wales)





ACCOUNTANTS: Aggarwal & Co Limited
Chartered Accountants
5 London Road
Rainham
Gillingham
Kent
ME8 7RG

Herbert Payne (Farms) Limited (Registered number: 00513672)

Statement of Financial Position
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,715 2,009
Investment property 5 499,810 499,810
501,525 501,819

CURRENT ASSETS
Debtors 6 242,636 214,922

CREDITORS
Amounts falling due within one year 7 322,105 321,166
NET CURRENT LIABILITIES (79,469 ) (106,244 )
TOTAL ASSETS LESS CURRENT LIABILITIES 422,056 395,575

PROVISIONS FOR LIABILITIES 93,532 93,532
NET ASSETS 328,524 302,043

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Fair value reserve 396,282 396,282
Retained earnings (68,758 ) (95,239 )
328,524 302,043

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

Herbert Payne (Farms) Limited (Registered number: 00513672)

Statement of Financial Position - continued
31 March 2024


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

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

The financial statements were approved by the Board of Directors and authorised for issue on 10 February 2025 and were signed on its behalf by:





P L Burbridge - Director


Herbert Payne (Farms) Limited (Registered number: 00513672)

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

1. STATUTORY INFORMATION

Herbert Payne (Farms) 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

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

Income recognition
Income represents the fair value of consideration received or receivable derived from rental income during the year and is recognised when the company becomes entitled to it, from the point the properties are let, net of any voids..

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Land and buildings - 10% on reducing balance
Plant and machinery etc - 20% on cost and 10% on cost

Investment property
Investment property is included at fair value. Gains are recognised in the income statement and shown in a fair value reserve. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments
The Company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Basic financial instruments are recognised at amortised cost, with changes recognised in the income statement.

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.


Herbert Payne (Farms) Limited (Registered number: 00513672)

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

2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - 2 ).

4. TANGIBLE FIXED ASSETS
Freehold Plant and
property machinery Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 45,919 76,123 122,042
DEPRECIATION
At 1 April 2023 45,784 74,249 120,033
Charge for year 13 281 294
At 31 March 2024 45,797 74,530 120,327
NET BOOK VALUE
At 31 March 2024 122 1,593 1,715
At 31 March 2023 135 1,874 2,009

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 499,810
NET BOOK VALUE
At 31 March 2024 499,810
At 31 March 2023 499,810

Herbert Payne (Farms) Limited (Registered number: 00513672)

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

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 8,679
Other debtors 242,636 206,243
242,636 214,922

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 3,028 2,840
Other creditors 319,077 318,326
322,105 321,166

8. ULTIMATE CONTROLLING PARTY

The company is under the control of Marinada Ltd, a company incorporated in Jersey whose registered office address is 2nd Floor, Commercial House, Commercial Street, St Helier. Jersey. Marinada Ltd holds 52% of the issued share capital in the company.