Silverfin false false 31/05/2024 01/06/2023 31/05/2024 Mr A W J Hillier 11/06/2009 Mrs G A Hillier 11/05/2017 Mrs V Hillier 16/06/2008 26 February 2025 The principal activity of the business is the raising of dairy cattle. 06621293 2024-05-31 06621293 bus:Director1 2024-05-31 06621293 bus:Director2 2024-05-31 06621293 bus:Director3 2024-05-31 06621293 2023-05-31 06621293 core:CurrentFinancialInstruments 2024-05-31 06621293 core:CurrentFinancialInstruments 2023-05-31 06621293 core:Non-currentFinancialInstruments 2024-05-31 06621293 core:Non-currentFinancialInstruments 2023-05-31 06621293 core:ShareCapital 2024-05-31 06621293 core:ShareCapital 2023-05-31 06621293 core:RetainedEarningsAccumulatedLosses 2024-05-31 06621293 core:RetainedEarningsAccumulatedLosses 2023-05-31 06621293 core:LandBuildings 2023-05-31 06621293 core:PlantMachinery 2023-05-31 06621293 core:Vehicles 2023-05-31 06621293 core:FurnitureFittings 2023-05-31 06621293 core:LandBuildings 2024-05-31 06621293 core:PlantMachinery 2024-05-31 06621293 core:Vehicles 2024-05-31 06621293 core:FurnitureFittings 2024-05-31 06621293 5 2024-05-31 06621293 5 2023-05-31 06621293 core:RemainingRelatedParties core:CurrentFinancialInstruments 2024-05-31 06621293 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-05-31 06621293 2023-06-01 2024-05-31 06621293 bus:FilletedAccounts 2023-06-01 2024-05-31 06621293 bus:SmallEntities 2023-06-01 2024-05-31 06621293 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 06621293 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 06621293 bus:Director1 2023-06-01 2024-05-31 06621293 bus:Director2 2023-06-01 2024-05-31 06621293 bus:Director3 2023-06-01 2024-05-31 06621293 core:PlantMachinery 2023-06-01 2024-05-31 06621293 core:Vehicles 2023-06-01 2024-05-31 06621293 core:FurnitureFittings 2023-06-01 2024-05-31 06621293 2022-06-01 2023-05-31 06621293 core:LandBuildings 2023-06-01 2024-05-31 06621293 core:Non-currentFinancialInstruments 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure

Company No: 06621293 (England and Wales)

NORBIN FARM LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

NORBIN FARM LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

NORBIN FARM LIMITED

BALANCE SHEET

As at 31 May 2024
NORBIN FARM LIMITED

BALANCE SHEET (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 755,236 847,970
755,236 847,970
Current assets
Stocks 4 103,428 115,016
Debtors 5 333,072 462,012
Cash at bank and in hand 2,033 13,494
438,533 590,522
Creditors: amounts falling due within one year 6 ( 282,518) ( 443,950)
Net current assets 156,015 146,572
Total assets less current liabilities 911,251 994,542
Creditors: amounts falling due after more than one year 7 ( 269,539) ( 280,705)
Provision for liabilities ( 147,607) ( 170,342)
Net assets 494,105 543,495
Capital and reserves
Called-up share capital 100 100
Profit and loss account 494,005 543,395
Total shareholders' funds 494,105 543,495

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:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Norbin Farm Limited (registered number: 06621293) were approved and authorised for issue by the Board of Directors on 26 February 2025. They were signed on its behalf by:

Mr A W J Hillier
Director
NORBIN FARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
NORBIN FARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

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.

General information and basis of accounting

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

The address of its registered office is:
Norbin Farm Box
Corsham
Wiltshire
SN13 8JJ

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 Section 1A, and the Companies Act 2006.

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.

Turnover

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

Taxation

Current 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.

Deferred tax
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. 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, reducing balance] basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 20 % reducing balance
Vehicles 10 % reducing balance
Fixtures and fittings 25 % reducing balance
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

2. Employees

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

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 June 2023 303,776 806,147 288,308 36,896 1,435,127
Additions 4,887 3,504 2,000 0 10,391
Disposals 0 ( 25,000) 0 0 ( 25,000)
At 31 May 2024 308,663 784,651 290,308 36,896 1,420,518
Accumulated depreciation
At 01 June 2023 0 461,905 95,413 29,839 587,157
Charge for the financial year 0 65,884 19,474 1,767 87,125
Disposals 0 ( 9,000) 0 0 ( 9,000)
At 31 May 2024 0 518,789 114,887 31,606 665,282
Net book value
At 31 May 2024 308,663 265,862 175,421 5,290 755,236
At 31 May 2023 303,776 344,242 192,895 7,057 847,970

4. Stocks

2024 2023
£ £
Stocks 0 3,300
Livestock 103,428 111,716
103,428 115,016

5. Debtors

2024 2023
£ £
Trade debtors 3,958 60,215
Amounts owed by directors 213,628 276,968
Prepayments 2,593 15,505
VAT recoverable 5,034 3,065
Other debtors 107,859 106,259
333,072 462,012

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 39,918 75,118
Trade creditors 53,812 93,086
Amounts owed to related parties 51,729 11,168
Taxation and social security 10,784 131,193
Obligations under finance leases and hire purchase contracts 27,001 44,238
Other creditors 99,274 89,147
282,518 443,950

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

2024 2023
£ £
Bank loans 262,961 247,126
Obligations under finance leases and hire purchase contracts 6,578 33,579
269,539 280,705

The bank loans are secured against fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, uncalled capital, buildings, fixtures, fixed plant & machinery.

The hire purchase contracts are secured against the assets to which they relate.