Caseware UK (AP4) 2024.0.164 2024.0.164 2024-06-302024-06-30The tax expense for the year comprises current and deferred tax. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.1553784522208186322057360523894597311023551298067300013843601029890true2023-07-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false8No description of principal activity7falsefalse 07251378 2023-07-01 2024-06-30 07251378 2022-07-01 2023-06-30 07251378 2024-06-30 07251378 2023-06-30 07251378 c:Director1 2023-07-01 2024-06-30 07251378 c:Director2 2023-07-01 2024-06-30 07251378 c:RegisteredOffice 2023-07-01 2024-06-30 07251378 d:Buildings 2023-07-01 2024-06-30 07251378 d:Buildings 2024-06-30 07251378 d:Buildings 2023-06-30 07251378 d:Buildings d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 07251378 d:Buildings d:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 07251378 d:Buildings d:LongLeaseholdAssets 2023-07-01 2024-06-30 07251378 d:PlantMachinery 2023-07-01 2024-06-30 07251378 d:PlantMachinery 2024-06-30 07251378 d:PlantMachinery 2023-06-30 07251378 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 07251378 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 07251378 d:MotorVehicles 2023-07-01 2024-06-30 07251378 d:MotorVehicles 2024-06-30 07251378 d:MotorVehicles 2023-06-30 07251378 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 07251378 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 07251378 d:OfficeEquipment 2023-07-01 2024-06-30 07251378 d:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 07251378 d:OtherPropertyPlantEquipment 2024-06-30 07251378 d:OtherPropertyPlantEquipment 2023-06-30 07251378 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 07251378 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 07251378 d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 07251378 d:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 07251378 d:CurrentFinancialInstruments 2024-06-30 07251378 d:CurrentFinancialInstruments 2023-06-30 07251378 d:Non-currentFinancialInstruments 2024-06-30 07251378 d:Non-currentFinancialInstruments 2023-06-30 07251378 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 07251378 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 07251378 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-30 07251378 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 07251378 d:ShareCapital 2024-06-30 07251378 d:ShareCapital 2023-06-30 07251378 d:RetainedEarningsAccumulatedLosses 2024-06-30 07251378 d:RetainedEarningsAccumulatedLosses 2023-06-30 07251378 c:OrdinaryShareClass1 2023-07-01 2024-06-30 07251378 c:OrdinaryShareClass1 2024-06-30 07251378 c:OrdinaryShareClass2 2023-07-01 2024-06-30 07251378 c:OrdinaryShareClass2 2024-06-30 07251378 c:FRS102 2023-07-01 2024-06-30 07251378 c:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 07251378 c:FullAccounts 2023-07-01 2024-06-30 07251378 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 07251378 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-07-01 2024-06-30 07251378 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-06-30 07251378 2 2023-07-01 2024-06-30 07251378 6 2023-07-01 2024-06-30 07251378 e:PoundSterling 2023-07-01 2024-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07251378










CHAPMAN FARMS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
CHAPMAN FARMS LIMITED
 
 
COMPANY INFORMATION


Directors
J W Chapman 
Mrs D L Chapman 




Registered number
07251378



Registered office
Hill Farm
Martham Road

Rollesby

Great Yarmouth

Norfolk

NR29 5DX




Accountants
MA Partners LLP
Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ





 
CHAPMAN FARMS LIMITED
 

CONTENTS



Page
Accountants' Report
 
 
1
Balance Sheet
 
 
2 - 3
Notes to the Financial Statements
 
 
4 - 10

 
CHAPMAN FARMS LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CHAPMAN FARMS LIMITED
FOR THE YEAR ENDED 30 JUNE 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Chapman Farms Limited for the year ended 30 June 2024 which comprise  the Balance Sheet and the related notes 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 https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Chapman Farms Limited, as a body, in accordance with the terms of our engagement letter dated 25 June 2024Our work has been undertaken solely to prepare for your approval the financial statements of Chapman Farms Limited and state those matters that we have agreed to state to the Board of Directors of Chapman Farms Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Chapman Farms Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Chapman Farms Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Chapman Farms Limited. You consider that Chapman Farms Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Chapman Farms 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 financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
 
30 January 2025
Page 1

 
CHAPMAN FARMS LIMITED
REGISTERED NUMBER: 07251378

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2024
2023
2023
Note
£
£
£
£

Fixed assets
  

Tangible assets
 5 
1,569,206
1,228,886

Investments
  
1
1

  
1,569,207
1,228,887

Current assets
  

Stocks
  
354,989
372,976

Debtors: amounts falling due within one year
 6 
1,706,396
430,670

Cash at bank and in hand
  
-
287,021

  
2,061,385
1,090,667

Creditors: amounts falling due within one year
 7 
(1,543,363)
(435,216)

Net current assets
  
 
 
518,022
 
 
655,451

Total assets less current liabilities
  
2,087,229
1,884,338

Creditors: amounts falling due after more than one year
 8 
(154,982)
(234,190)

Provisions for liabilities
  

Deferred tax
  
(352,169)
(277,113)

Net assets
  
1,580,078
1,373,035


Capital and reserves
  

Called up share capital 
 9 
1,000
1,000

Profit and loss account
  
1,579,078
1,372,035

  
1,580,078
1,373,035

Page 2

 
CHAPMAN FARMS LIMITED
REGISTERED NUMBER: 07251378
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 January 2025.




J W Chapman
Director

The notes on pages 4 to 10 form part of these financial statements.
Page 3

 
CHAPMAN FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Chapman Farms Limited is a private company, limited by shares, incorporated and domiciled in England and Wales. The registered office is Hill Farm Martham Road, Rollesby, Great Yarmouth, Norfolk, NR29 5DX.
The Company's principal activity is that of mixed farming.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue recognition

Turnover comprises revenue recognised by the Company in respect of crops sold, work done for third parties, arable subsidies and rent received, exclusive of Value Added Tax.

Revenue is recognised in the following manner:
Crops sold - on physical delivery to the customer;
Work done - on performance of the service for the customer;
Rent received - amounts receivable in the year;
Subsidy income - in the year when the qualifying conditions entitling payment are met.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 4

 
CHAPMAN FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Building and fencing
-
10%
straight line
Plant and equipment
-
15%
reducing balance
Motor vehicles
-
20%
reducing balance
Tractors and JCBs
-
15%
reducing balance
Office equipment
-
25%
straight line
Lorries and trailers
-
15%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Valuation of investments

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.5

Stocks

Stocks and closing valuation for cultivations are valued at the lower of cost and net realisable value and have been valued by a professional valuer in accordance with the Royal Institution of Chartered Surveyors' and Central Association of Agricultural Valuers' Guidance Notes.
Net realisable value represents estimated selling price for produce in store with values reduced in accordance with the guidance within H M Revenue & Customs help sheet HS232 and BIM55410.
Consumable stocks are valued at cost.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Page 5

 
CHAPMAN FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
 
Page 6

 
CHAPMAN FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.8
Financial instruments (continued)

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities.
Other financial instruments
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 7

 
CHAPMAN FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.12

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.13

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.14

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.15

Current and deferred taxation

The tax expense for the year comprises current and deferred tax.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2023 - 7).


4.


Related party transactions

At the year end the Company owed £66,794 (2023 - £64,067) to the directors.
This balance is interest free and repayable on demand and is included within other creditors due within one year in note 7 to the financial statements 

Page 8

 
CHAPMAN FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Tangible fixed assets





Land, buildings & fencing
Plant & equipment
Motor vehicles & ATVs
Tractors & JCBs
Lorries & trailers
Total

£
£
£
£
£
£



Cost or valuation


At 1 July 2023
111,259
910,560
77,442
643,224
74,037
1,816,522


Additions
-
522,208
-
-
3,300
525,508


Disposals
-
(18,632)
-
-
-
(18,632)



At 30 June 2024

111,259
1,414,136
77,442
643,224
77,337
2,323,398



Depreciation


At 1 July 2023
921
308,901
23,067
214,993
39,754
587,636


Charge for the year on owned assets
938
49,460
10,875
10,271
5,637
77,181


Charge for the year on financed assets
-
48,391
-
53,964
-
102,355


Disposals
-
(12,980)
-
-
-
(12,980)



At 30 June 2024

1,859
393,772
33,942
279,228
45,391
754,192



Net book value



At 30 June 2024
109,400
1,020,364
43,500
363,996
31,946
1,569,206



At 30 June 2023
110,338
601,659
54,375
428,231
34,283
1,228,886


6.


Debtors

2024
2023
£
£


Trade debtors
67,619
77,502

Other debtors
1,628,118
348,964

Prepayments and accrued income
10,659
4,204

1,706,396
430,670


Page 9

 
CHAPMAN FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdraft
140,845
-

Bank loans
1,093,369
10,000

Trade creditors
70,030
126,069

Corporation tax
13,706
57,476

Other taxation and social security
2,226
3,013

Obligations under finance lease and hire purchase contracts
113,308
123,963

Other creditors
89,054
96,602

Accruals and deferred income
20,825
18,093

1,543,363
435,216


Net obligations under finance leases and hire purchase contracts are secured on the assets financed.


8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
10,000
20,000

Net obligations under finance leases and hire purchase contracts
95,478
208,785

Accruals and deferred income
49,504
5,405

154,982
234,190


Net obligations under finance leases and hire purchase contracts are secured on the assets financed.


9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



760 Ordinary 'A' shares of £1.00 each
760
760
240 Ordinary 'B' shares of £1.00 each
240
240

1,000

1,000


Page 10