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Harvey Farms (Winterbourne) Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 September 2024

Registration number: 04198240

 

Harvey Farms (Winterbourne) Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 11

 

Harvey Farms (Winterbourne) Limited

Balance Sheet

30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

4,438,155

4,444,670

Other financial assets

6

2,621

2,621

 

4,440,776

4,447,291

Current assets

 

Stocks

7

867,283

1,206,114

Debtors

8

207,882

342,046

Cash at bank and in hand

 

680,534

696,557

 

1,755,699

2,244,717

Creditors: Amounts falling due within one year

9

(504,080)

(749,195)

Net current assets

 

1,251,619

1,495,522

Total assets less current liabilities

 

5,692,395

5,942,813

Creditors: Amounts falling due after more than one year

9

(538,482)

(968,862)

Provisions for liabilities

(376,256)

(437,367)

Net assets

 

4,777,657

4,536,584

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

4,777,557

4,536,484

Shareholders' funds

 

4,777,657

4,536,584

 

Harvey Farms (Winterbourne) Limited

Balance Sheet

30 September 2024

For the financial year ending 30 September 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 24 February 2025 and signed on its behalf by:
 

.........................................
P N B Harvey
Director

Company Registration Number: 04198240

 

Harvey Farms (Winterbourne) Limited

Notes to the Unaudited Financial Statements

Year Ended 30 September 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:
Manor Farm
Winterbourne Earls
Salisbury
Wiltshire
SP4 6HD

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods 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.

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 corporation 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.

 

Harvey Farms (Winterbourne) Limited

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

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 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

Tractors and combines

25% per annum reducing balance

Other machinery

15% per annum reducing balance

Motor vehicles

25% per annum reducing balance

Stocks

Livestock and crops in store are valued at 75% of market value, which equates to deemed cost of production. All other stocks are valued at the lower of cost or net realisable value on a first in first out basis.

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

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.

 

Harvey Farms (Winterbourne) Limited

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

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.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 14).

 

Harvey Farms (Winterbourne) Limited

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

4

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

33,325

-

Deferred taxation

Arising from origination and reversal of timing differences

(61,111)

86,642

Tax (receipt)/expense in the income statement

(27,786)

86,642

Deferred tax

Deferred tax assets and liabilities

 

Harvey Farms (Winterbourne) Limited

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

5

Tangible assets

Land and buildings
£

Other machinery and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 October 2023

2,803,563

3,402,347

99,595

1,264,907

7,570,412

Additions

-

39,045

92,060

320,951

452,056

Disposals

-

-

(49,195)

(135,981)

(185,176)

At 30 September 2024

2,803,563

3,441,392

142,460

1,449,877

7,837,292

Depreciation

At 1 October 2023

-

2,460,268

82,871

582,603

3,125,742

Charge for the year

-

147,175

25,007

241,878

414,060

Eliminated on disposal

-

-

(40,440)

(100,225)

(140,665)

At 30 September 2024

-

2,607,443

67,438

724,256

3,399,137

Carrying amount

At 30 September 2024

2,803,563

833,949

75,022

725,621

4,438,155

At 30 September 2023

2,803,563

942,079

16,724

682,304

4,444,670

 

Harvey Farms (Winterbourne) Limited

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

Included within the net book value of land and buildings above is £914,951 (2023 - £914,951) in respect of tenants improvements and £1,888,612 (2023 - £1,888,612) in respect of land.

 

Harvey Farms (Winterbourne) Limited

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 October 2023

2,621

2,621

At 30 September 2024

2,621

2,621

Carrying amount

At 30 September 2024

2,621

2,621

7

Stocks

2024
£

2023
£

Livestock - Cattle

26,678

22,440

Livestock - Pigs

205,000

531,328

Crops in store

496,434

539,928

Arable stores

139,171

112,418

867,283

1,206,114

8

Debtors

2024
£

2023
£

Trade debtors

17,492

232,794

Prepayments

81,660

6,325

Other debtors

108,730

102,927

207,882

342,046

 

Harvey Farms (Winterbourne) Limited

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

128,534

161,776

Trade creditors

 

237,481

370,773

Corporation tax

 

35,869

1,410

Other creditors

 

87,858

158,401

Accruals and deferred income

 

14,338

56,835

 

504,080

749,195

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

510,469

935,905

Deferred income

 

28,013

32,957

 

538,482

968,862

10

Loans and borrowings

2024
£

2023
£

Loans and borrowings due after one year

Bank borrowings

487,639

823,644

HP and finance lease liabilities

22,830

112,261

510,469

935,905

Current loans and borrowings

2024
£

2023
£

Bank borrowings

36,540

51,761

Hire purchase contracts

91,994

110,015

128,534

161,776

Security has been given on the aggregate value of finance leases held by the company.

The bank overdraft/loan is secured by land owned by the company.

 

Harvey Farms (Winterbourne) Limited

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

11

Related party transactions

Transactions with directors

2024

At 1 October 2023
£

Advances to director
£

Repayments by director
£

At 30 September 2024
£

J N Harvey

39,505

7,788

(250)

47,043

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

J N Harvey

35,327

4,678

(500)

39,505

Summary of transactions with other related parties

Directors
 The company rents land from a director under a Farm Business Tenancy with an annual rental of £60,000.