Registered number
01329149
Northlands Farm (Thorney) Limited
Filleted Abridged Accounts
31 July 2024
Northlands Farm (Thorney) Limited
Registered number: 01329149
Abridged Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 3,288,528 3,336,786
Current assets
Stocks - 9,375
Debtors 171,247 79,962
Cash at bank and in hand 910,249 889,872
1,081,496 979,209
Creditors: amounts falling due within one year (493,974) (537,011)
Net current assets 587,522 442,198
Total assets less current liabilities 3,876,050 3,778,984
Provisions for liabilities (34,052) (40,521)
Net assets 3,841,998 3,738,463
Capital and reserves
Called up share capital 14,410 14,410
Share premium 303,175 303,175
Profit and loss account 3,524,413 3,420,878
Shareholders' funds 3,841,998 3,738,463
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.
Mr M J Fisher and Mr M E Fisher
Director
Approved by the board on 25 February 2025
Northlands Farm (Thorney) Limited
Notes to the Abridged Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The abridged accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 25% on a reducing balance basis
Fixtures, fittings, tools and equipment 10% on a reducing balance basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Total
£
Cost
At 1 August 2023 3,850,072
Additions -
At 31 July 2024 3,850,072
Depreciation
At 1 August 2023 513,286
Charge for the year 48,258
At 31 July 2024 561,544
Net book value
At 31 July 2024 3,288,528
At 31 July 2023 3,336,786
4 Related party transactions
During the year the company had use of 150 acres of land owned by the director M E Fisher free of rent. The annual rent should have been £2,508. All other transactions in the year have taken place at market value.
5 Controlling party
The Company is controlled by the directors.
6 Other information
Northlands Farm (Thorney) Limited is a private company limited by shares and incorporated in England. Its registered office is:
Terrington Hall
Cross Guns road
Thorney Toll
Wisbech
PE13 4AZ
Northlands Farm (Thorney) Limited 01329149 false 2023-08-01 2024-07-31 2024-07-31 VT Final Accounts July 2024 Mr M J Fisher and Mr M E Fisher No description of principal activity 01329149 2022-08-01 2023-07-31 01329149 core:WithinOneYear 2023-07-31 01329149 core:ShareCapital 2023-07-31 01329149 core:SharePremium 2023-07-31 01329149 core:RetainedEarningsAccumulatedLosses 2023-07-31 01329149 2023-08-01 2024-07-31 01329149 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 01329149 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 01329149 bus:Director40 2023-08-01 2024-07-31 01329149 1 2023-08-01 2024-07-31 01329149 2 2023-08-01 2024-07-31 01329149 countries:England 2023-08-01 2024-07-31 01329149 bus:FRS102 2023-08-01 2024-07-31 01329149 bus:AbridgedAccounts 2023-08-01 2024-07-31 01329149 2024-07-31 01329149 core:WithinOneYear 2024-07-31 01329149 core:ShareCapital 2024-07-31 01329149 core:SharePremium 2024-07-31 01329149 core:RetainedEarningsAccumulatedLosses 2024-07-31 01329149 2023-07-31 iso4217:GBP xbrli:pure