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Registered number: 02730282










FOLIEJON FARMS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
FOLIEJON FARMS LIMITED
REGISTERED NUMBER: 02730282

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
1

Tangible assets
 5 
1,241,990
550,501

  
1,241,990
550,502

Current assets
  

Stocks
 6 
145,941
159,188

Debtors: amounts falling due within one year
 7 
16,411
66,376

Cash at bank and in hand
 8 
11,752
32,104

  
174,104
257,668

Current liabilities
  

Creditors: amounts falling due within one year
 9 
(4,024,463)
(3,058,773)

Total assets less current liabilities
  
 
 
(2,608,369)
 
 
(2,250,603)

Net liabilities
  
(2,608,369)
(2,250,603)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(2,608,469)
(2,250,703)

  
(2,608,369)
(2,250,603)


The director considers 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 director acknowledges his 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 statement of comprehensive income 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 by: 


S R Press
Director

Date: 2 March 2025

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
FOLIEJON FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Foliejon Farms Limited is a private company, limited by share capital and incorporated in England & Wales.  
The registered office and principal place of business is Foliejon Park Estate, Drift Road, Winkfield, Windsor, Berkshire, SL4 4QQ.

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

Going concern

The working capital of the company is funded by Wings Establishment, the parent undertaking, which has indicated that it will provide continued support for a period of at least 12 months from date of approving the financial statements and the foreseeable future.  Based on this support and taken together with existing financing facilities the director believes that the financial statements have been prepared appropriately on the going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

  
2.4

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

 
2.5

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.

Page 2

 
FOLIEJON FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.5
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method and the reducing balance method. .

Depreciation is provided on the following basis:

Property improvements
-
4% straight Line
Plant and machinery
-
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.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a normal farming practice basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

  
2.7

Biological assets

Growing crops are recognised as biological assets and are accounted for under the cost model in accordance with FRS 102.  Growing crops have a life-cycle of one year or less and therefore are held as current assets and not depreciated.

 
2.8

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.

 
2.9

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.

 
2.10

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.

Page 3

 
FOLIEJON FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.11

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.

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


Intangible assets




BPS Entitlements

£





At 1 April 2023
1


Disposals
(1)



At 31 March 2024

-






Net book value



At 31 March 2024
-



At 31 March 2023
1



Page 4

 
FOLIEJON FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Plant and machinery
Property improvements
Total

£
£
£



Cost or valuation


At 1 April 2023
136,482
663,598
800,080


Additions
128,794
614,491
743,285



At 31 March 2024

265,276
1,278,089
1,543,365



Depreciation


At 1 April 2023
93,513
156,066
249,579


Charge for the year on owned assets
16,074
35,722
51,796



At 31 March 2024

109,587
191,788
301,375



Net book value



At 31 March 2024
155,689
1,086,301
1,241,990



At 31 March 2023
42,969
507,532
550,501


6.


Stocks

2024
2023
£
£

Stock
99,226
89,063

Stock - biological assets
46,715
70,125

145,941
159,188



7.


Debtors

2024
2023
£
£

Prepayments and accrued income
16,411
57,261

VAT recoverable
-
9,115

16,411
66,376


Page 5

 
FOLIEJON FARMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
11,752
32,104



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
6,442
768

Accruals and deferred income
36,054
20,883

Other taxation and social security
5,418
-

Amounts owed to group undertakings
3,976,549
3,037,122

4,024,463
3,058,773



10.


Related party transactions

During the year the company has borrowed £939,427 (2023: £381,219) from the parent undertaking and at the year end owes a balance of £3,976,549 (2023: £3,037,122).  The loan is unsecured, interest free and there are no fixed terms of repayment. 


11.


Controlling party

The ultimate controlling party is Wings Establishment.


Page 6