Gerrard House Farm Limited 11483503 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is dairy farming Digita Accounts Production Advanced 6.30.9574.0 true 11483503 2023-06-01 2024-05-31 11483503 2024-05-31 11483503 core:RetainedEarningsAccumulatedLosses 2024-05-31 11483503 core:ShareCapital 2024-05-31 11483503 core:CurrentFinancialInstruments 2024-05-31 11483503 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 11483503 core:Non-currentFinancialInstruments 2024-05-31 11483503 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 11483503 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-05-31 11483503 core:FurnitureFittingsToolsEquipment 2024-05-31 11483503 core:LandBuildings 2024-05-31 11483503 core:MotorVehicles 2024-05-31 11483503 core:OtherPropertyPlantEquipment 2024-05-31 11483503 bus:SmallEntities 2023-06-01 2024-05-31 11483503 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 11483503 bus:FilletedAccounts 2023-06-01 2024-05-31 11483503 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 11483503 bus:RegisteredOffice 2023-06-01 2024-05-31 11483503 bus:Director1 2023-06-01 2024-05-31 11483503 bus:Director2 2023-06-01 2024-05-31 11483503 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 11483503 bus:Agent1 2023-06-01 2024-05-31 11483503 core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 11483503 core:LandBuildings 2023-06-01 2024-05-31 11483503 core:MotorVehicles 2023-06-01 2024-05-31 11483503 core:OtherPropertyPlantEquipment 2023-06-01 2024-05-31 11483503 core:PlantMachinery 2023-06-01 2024-05-31 11483503 countries:EnglandWales 2023-06-01 2024-05-31 11483503 2023-05-31 11483503 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-05-31 11483503 core:FurnitureFittingsToolsEquipment 2023-05-31 11483503 core:LandBuildings 2023-05-31 11483503 core:MotorVehicles 2023-05-31 11483503 core:OtherPropertyPlantEquipment 2023-05-31 11483503 2022-06-01 2023-05-31 11483503 2023-05-31 11483503 core:RetainedEarningsAccumulatedLosses 2023-05-31 11483503 core:ShareCapital 2023-05-31 11483503 core:CurrentFinancialInstruments 2023-05-31 11483503 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 11483503 core:Non-currentFinancialInstruments 2023-05-31 11483503 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 11483503 core:FurnitureFittingsToolsEquipment 2023-05-31 11483503 core:LandBuildings 2023-05-31 11483503 core:MotorVehicles 2023-05-31 11483503 core:OtherPropertyPlantEquipment 2023-05-31 iso4217:GBP xbrli:pure

REGISTRAR OF COMPANIES

Registration number: 11483503

Gerrard House Farm Limited

Unaudited Financial Statements

31 May 2024

image-name

 

Gerrard House Farm Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Gerrard House Farm Limited
for the Year Ended 31 May 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Gerrard House Farm Limited for the year ended 31 May 2024 as set out on pages 2 to 11 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 http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Gerrard House Farm Limited, as a body, in accordance with the terms of our engagement letter dated 14 November 2022. Our work has been undertaken solely to prepare for your approval the accounts of Gerrard House Farm Limited and state those matters that we have agreed to state to the Board of Directors of Gerrard House 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 Gerrard House Farm Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Gerrard House Farm Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Gerrard House Farm Limited. You consider that Gerrard House 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 accounts of Gerrard House 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 accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

6 February 2025

 

Gerrard House Farm Limited

(Registration number: 11483503)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

367,358

386,033

Current assets

 

Stocks

271,931

268,453

Debtors

6

62,631

61,889

Cash at bank and in hand

 

8,374

29,031

 

342,936

359,373

Creditors: Amounts falling due within one year

7

(602,442)

(642,301)

Net current liabilities

 

(259,506)

(282,928)

Total assets less current liabilities

 

107,852

103,105

Creditors: Amounts falling due after more than one year

7

(53,117)

(57,800)

Provisions for liabilities

(50,381)

(53,578)

Net assets/(liabilities)

 

4,354

(8,273)

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Profit and loss account

4,254

(8,373)

Total equity

 

4,354

(8,273)

 

Gerrard House Farm Limited

(Registration number: 11483503)
Balance Sheet as at 31 May 2024 (continued)

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 February 2025 and signed on its behalf by:
 

.........................................

A R Carter

Director

.........................................

S Carter

Director

 

Gerrard House Farm Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Gerrard House
Wigton
CARLISLE
CA7 8NR

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company has net current liabilities at 31 May 2024 and meets its day to day working capital requirements through its directors who have provided financial support by way of short term loans. On the basis of this support, the directors consider it appropriate to prepare the financial statements on the going concern basis.

However, should the company not have the support of its directors, and therefore be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and current liabilities.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Government grants

Government grants such as the basic payment scheme are included in the profit and loss account when all the necessary conditions for receipt have been met.

 

Gerrard House Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)


Other grants
Other grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets on a basis consistent with the depreciation policy.

Basic payment scheme

The amount paid in connection with the purchase of the basic payment scheme entitlement was amortised over the useful economic life of that entitlement, and has now been fully amortised.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

5% reducing balance basis

Plant and equipment

15% reducing balance basis

Motor vehicles

25% reducing balance basis

Furniture, fittings and office equipment

15% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Gerrard House Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Gerrard House Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Gerrard House Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

4

Intangible assets

Basic payment scheme
 £

Total
£

Cost or valuation

At 1 June 2023

24,055

24,055

At 31 May 2024

24,055

24,055

Amortisation

At 1 June 2023

24,055

24,055

At 31 May 2024

24,055

24,055

Carrying amount

At 31 May 2024

-

-

5

Tangible assets

Land and buildings
£

Plant and equipment
 £

Motor vehicles
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 June 2023

120,302

414,788

17,500

2,105

554,695

Additions

-

34,370

-

-

34,370

Disposals

-

(3,290)

-

-

(3,290)

At 31 May 2024

120,302

445,868

17,500

2,105

585,775

Depreciation

At 1 June 2023

22,317

143,237

2,187

921

168,662

Charge for the year

4,899

42,422

3,828

178

51,327

Eliminated on disposal

-

(1,572)

-

-

(1,572)

At 31 May 2024

27,216

184,087

6,015

1,099

218,417

Carrying amount

At 31 May 2024

93,086

261,781

11,485

1,006

367,358

At 31 May 2023

97,985

271,551

15,313

1,184

386,033

 

Gerrard House Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

6

Debtors

2024
£

2023
£

Trade debtors

50,382

53,694

Other debtors

12,249

8,195

62,631

61,889

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

533,893

563,271

Trade creditors

 

36,482

30,495

Corporation tax liability

 

7,611

6,105

Other creditors

 

24,456

42,430

 

602,442

642,301

Due after one year

 

Loans and borrowings

8

45,320

57,800

Other creditors

 

7,797

-

 

53,117

57,800

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

5,832

5,714

Finance lease liabilities

15,286

11,959

Other borrowings

512,775

545,598

533,893

563,271

 

Gerrard House Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

5,832

5,714

Finance lease liabilities

15,286

11,959

21,118

17,673

Bank borrowings are secured by fixed and floating charges over the company's assets.

Finance lease liabilities are secured on the assets to which they relate
 

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

31,030

36,863

Finance lease liabilities

14,290

20,937

45,320

57,800

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

31,030

36,863

Finance lease liabilities

14,290

20,937

45,320

57,800

Bank borrowings are secured by fixed and floating charges over the company's assets.

Finance lease liabilities are secured on the assets to which they relate

 

Gerrard House Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

9

Transition to FRS 102

For the year ended 31 May 2024 the company is no longer eligible to prepare financial statements in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'. As such the financial statements have been prepared in accordance with FRS 102, involving a full retrospective restatement of assets and liabiliites from the transition date, 1 June 2022. The only transition adjustment being the inclusion of a deferred tax liability, as follows:

Balance Sheet at 1 June 2022
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Provisions for liabilities

-

-

(43,518)

(43,518)

Capital and reserves

Profit and loss account

(52,321)

-

(43,518)

(95,839)

Balance Sheet at 31 May 2023
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Provisions for liabilities

-

-

(53,578)

(53,578)

Capital and reserves

Profit and loss account

45,205

-

(53,578)

(8,373)