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COMPANY REGISTRATION NUMBER: 08202784
HAPPY DAYS FARMING COMPANY LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 March 2024
HAPPY DAYS FARMING COMPANY LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2024
31 Mar 24
30 Jun 23
Note
£
£
£
Fixed assets
Tangible assets
6
14,306,281
14,564,351
Current assets
Stocks
2,173,807
2,451,530
Debtors
7
3,346,824
3,564,563
Cash at bank and in hand
16,965
36,913
-------------
-------------
5,537,596
6,053,006
Creditors: amounts falling due within one year
8
( 3,806,811)
( 3,442,100)
-------------
-------------
Net current assets
1,730,785
2,610,906
---------------
---------------
Total assets less current liabilities
16,037,066
17,175,257
Creditors: amounts falling due after more than one year
9
( 5,359,320)
( 5,690,941)
Provisions
( 959,083)
( 1,014,242)
---------------
---------------
Net assets
9,718,663
10,470,074
---------------
---------------
Capital and reserves
Called up share capital
10,000,000
10,000,000
Revaluation reserve
656,250
615,000
Profit and loss account
( 937,587)
( 144,926)
---------------
---------------
Shareholders funds
9,718,663
10,470,074
---------------
---------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 31 March 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 financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
HAPPY DAYS FARMING COMPANY LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 19 February 2025 , and are signed on behalf of the board by:
Mrs J P Truelove
Director
Company registration number: 08202784
HAPPY DAYS FARMING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 1 JULY 2023 TO 31 MARCH 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4a Eastgate, Lincoln, Lincolnshire, LN2 1QA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires the Directors to make judgements and estimates that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. The Directors make estimates of the fair values of investment properties. The total carrying value of investment properties was £1.765M at the year end.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Other intangible assets
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Investment property is initially recognised on acquisition at cost, including related acquisition costs, and is revalued annually by the Directors to reflect fair value. No depreciation is provided. Changes in fair value are recognised in the profit or loss account. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset over the useful economic life of that asset as follows:
Land and buildings
-
15% straight line
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
10% straight line
Motor vehicles
-
25% straight line
Equipment
-
20% straight line
Land is not depreciated.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. The Coronavirus Job Retention Scheme grant has been recognised under the accrual model, and is shown within Government Grant Income within the financial statements.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
Basic payment scheme
The basic payment scheme is recognised in the financial statements in accordance with current H M Revenue & Customs guidance.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 9 (2023: 8 ).
5. Intangible assets
Other intangible assets
£
Cost
At 1 July 2023 and 31 March 2024
294,624
----------
Amortisation
At 1 July 2023 and 31 March 2024
294,624
----------
Carrying amount
At 31 March 2024
----------
At 30 June 2023
----------
6. Tangible assets
Land and buildings
Investment property
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 Jul 2023
9,172,843
1,710,000
4,328,587
1,487,003
270,858
16,969,291
Additions
85,716
1,490
52,968
140,174
Disposals
( 76,899)
( 76,899)
Revaluations
55,000
55,000
-------------
-------------
-------------
-------------
----------
--------------
At 31 Mar 2024
9,172,843
1,765,000
4,337,404
1,488,493
323,826
17,087,566
-------------
-------------
-------------
-------------
----------
--------------
Depreciation
At 1 Jul 2023
38,536
1,868,499
301,598
196,307
2,404,940
Charge for the period
12,337
278,036
110,363
24,769
425,505
Disposals
( 49,160)
( 49,160)
-------------
-------------
-------------
-------------
----------
--------------
At 31 Mar 2024
50,873
2,097,375
411,961
221,076
2,781,285
-------------
-------------
-------------
-------------
----------
--------------
Carrying amount
At 31 Mar 2024
9,121,970
1,765,000
2,240,029
1,076,532
102,750
14,306,281
-------------
-------------
-------------
-------------
----------
--------------
At 30 Jun 2023
9,134,307
1,710,000
2,460,088
1,185,405
74,551
14,564,351
-------------
-------------
-------------
-------------
----------
--------------
Included in cost of land and buildings is freehold land of £8,909,840 (2023 - £8,909,840) which is not depreciated. Tangible assets held at valuation Investment properties were valued on an open market basis at the year end by the directors, using their experience in the sector. The historic cost of the investment properties is £1,042,500 (2023 - £1,042,500).
7. Debtors
31 Mar 24
30 Jun 23
£
£
Trade debtors
2,352
35,077
Amounts owed by group undertakings and undertakings in which the company has a participating interest
3,040,357
3,048,757
Other debtors
304,115
480,729
-------------
-------------
3,346,824
3,564,563
-------------
-------------
8. Creditors: amounts falling due within one year
31 Mar 24
30 Jun 23
£
£
Bank loans and overdrafts
1,271,640
723,196
Trade creditors
307,317
547,348
Amounts owed to group undertakings and undertakings in which the company has a participating interest
893,003
895,704
Social security and other taxes
8,621
11,595
Other creditors
1,326,230
1,264,257
-------------
-------------
3,806,811
3,442,100
-------------
-------------
The bank loans and overdrafts are secured as follows:
- By a legal charge over freehold property and a fixed and floating charge over the assets of the business.
- By a limited guarantee from the parent company and a fellow subsidiary.
Included within other creditors are hire purchase obligations of £250,886 (2023 - £417,655) which are secured on the assets to which they relate.
9. Creditors: amounts falling due after more than one year
31 Mar 24
30 Jun 23
£
£
Bank loans and overdrafts
5,359,320
5,542,131
Other creditors
148,810
-------------
-------------
5,359,320
5,690,941
-------------
-------------
The bank loans and overdrafts are secured as follows:
- By a legal charge over freehold property and a fixed and floating charge over the assets of the business.
- By a limited guarantee from the parent company and a fellow subsidiary.
Included within other creditors are hire purchase obligations of £nil (2023 - £148,810) which are secured on the assets to which they relate.
Included within creditors: amounts falling due after more than one year is an amount of £5,359,320 (2023: £5,542,132) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
31 Mar 24
30 Jun 23
£
£
Not later than 1 year
391,043
391,043
----------
----------
11. Directors' advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
31 Mar 24
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
B M C K Truelove
6,559
6,559
P A J Truelove
125
125
----
-------
-------
6,684
6,684
----
-------
-------
30 Jun 23
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
B M C K Truelove
P A J Truelove
----
----
----
----
----
----
12. Related party transactions
Outside of the group there are several connected companies, LLP's and pension schemes and loans exist with several of these entities. At the year end the company was owed £35,408 (2023 - £218,107) by these entities and owed £1,605,784 (2023 - £1,416,417) to these entities. During the prior year the company sold land to a related entity for £8,228,182 which was based on a third party valuation.
13. Controlling party
The company is ultimately controlled by Truelove Property & Construction Limited , a company incorporated and registered in England and Wales. The registered office and principle place of business of Truelove Property & Construction Limited is: 4A Eastgate Lincoln Lincolnshire LN2 1QA