5 false false false false false false false false false false true false false false false false false No description of principal activity 2023-10-01 Sage Accounts Production Advanced 2024 - FRS102_2024 12,120 12,120 12,120 12,120 xbrli:pure xbrli:shares iso4217:GBP 01532851 2023-10-01 2024-09-30 01532851 2024-09-30 01532851 2023-09-30 01532851 2022-10-01 2023-09-30 01532851 2023-09-30 01532851 2022-09-30 01532851 core:LandBuildings core:LongLeaseholdAssets 2023-10-01 2024-09-30 01532851 core:LandBuildings core:ShortLeaseholdAssets 2023-10-01 2024-09-30 01532851 bus:Director1 2023-10-01 2024-09-30 01532851 bus:Director3 2023-10-01 2024-09-30 01532851 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-09-30 01532851 core:LandBuildings core:OwnedOrFreeholdAssets 2023-09-30 01532851 core:LandBuildings core:LongLeaseholdAssets 2023-09-30 01532851 core:LandBuildings core:ShortLeaseholdAssets 2023-09-30 01532851 core:PlantMachinery 2023-09-30 01532851 core:FurnitureFittings 2023-09-30 01532851 core:LandBuildings core:OwnedOrFreeholdAssets 2024-09-30 01532851 core:LandBuildings core:LongLeaseholdAssets 2024-09-30 01532851 core:LandBuildings core:ShortLeaseholdAssets 2024-09-30 01532851 core:PlantMachinery 2024-09-30 01532851 core:FurnitureFittings 2024-09-30 01532851 core:LandBuildings core:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 01532851 core:PlantMachinery 2023-10-01 2024-09-30 01532851 core:FurnitureFittings 2023-10-01 2024-09-30 01532851 core:WithinOneYear 2024-09-30 01532851 core:WithinOneYear 2023-09-30 01532851 core:AfterOneYear 2023-09-30 01532851 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-10-01 2024-09-30 01532851 core:ShareCapital 2024-09-30 01532851 core:ShareCapital 2023-09-30 01532851 core:SharePremium 2024-09-30 01532851 core:SharePremium 2023-09-30 01532851 core:CapitalRedemptionReserve 2024-09-30 01532851 core:CapitalRedemptionReserve 2023-09-30 01532851 core:RetainedEarningsAccumulatedLosses 2024-09-30 01532851 core:RetainedEarningsAccumulatedLosses 2023-09-30 01532851 core:LandBuildings core:OwnedOrFreeholdAssets 2023-09-30 01532851 core:LandBuildings core:LongLeaseholdAssets 2023-09-30 01532851 core:LandBuildings core:ShortLeaseholdAssets 2023-09-30 01532851 core:PlantMachinery 2023-09-30 01532851 core:FurnitureFittings 2023-09-30 01532851 core:LeasedAssetsHeldAsLessee core:PlantMachinery 2024-09-30 01532851 core:LeasedAssetsHeldAsLessee core:PlantMachinery 2023-09-30 01532851 bus:Director2 2023-10-01 2024-09-30 01532851 bus:SmallEntities 2023-10-01 2024-09-30 01532851 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 01532851 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 01532851 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 01532851 bus:FullAccounts 2023-10-01 2024-09-30
COMPANY REGISTRATION NUMBER: 01532851
Neesham Farms Limited
Filleted Unaudited Financial Statements
For the year ended
30 September 2024
Neesham Farms Limited
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
2,049,509
2,016,298
Current assets
Stocks
640,897
772,902
Debtors
7
208,527
140,080
Investments
8
917,991
16
Cash at bank and in hand
237,628
-------------
----------
2,005,043
912,998
Creditors: amounts falling due within one year
9
830,649
682,994
-------------
----------
Net current assets
1,174,394
230,004
-------------
-------------
Total assets less current liabilities
3,223,903
2,246,302
Creditors: amounts falling due after more than one year
10
303,224
Provisions
Taxation including deferred tax
211,607
183,791
-------------
-------------
Net assets
3,012,296
1,759,287
-------------
-------------
Neesham Farms Limited
Statement of Financial Position (continued)
30 September 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
16,500
16,500
Share premium account
173,970
173,970
Capital redemption reserve
1,000
1,000
Profit and loss account
2,820,826
1,567,817
-------------
-------------
Shareholders funds
3,012,296
1,759,287
-------------
-------------
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 income and retained earnings has not been delivered.
For the 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 financial statements for the year 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 .
These financial statements were approved by the board of directors and authorised for issue on 28 February 2025 , and are signed on behalf of the board by:
G H Neesham
M W Neesham
Director
Director
Company registration number: 01532851
Neesham Farms Limited
Notes to the Financial Statements
Year ended 30 September 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 Manor Farm, Lissington, Lincoln, Lincolnshire, LN3 5AE.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents work done during the year, exclusive of Value Added Tax.
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 timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation.
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:
Single Farm Payment entitlements
-
Fully written off
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
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
10% reducing balance
Tenants improvement
-
10% reducing balance
Plant and machinery
-
15%, 20% and 25% reducing balance
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.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
The company operates pension schemes for the benefit of all its directors. The funds of the schemes are administered by Trustees and are separate from the company. Independent actuaries complete valuations at least every three years and in accordance with their recommendations, annual contributions are paid to the schemes so as to secure the benefits set out in the rules and the periodic augmentation of current pensions. The cost of these and any variations are charged or credited to profits on a systematic basis over the remaining service life of the employees.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 4 ).
5. Intangible assets
SFP Entitlements
£
Cost
At 1 October 2023
12,120
Additions
Disposals
( 12,120)
---------
At 30 September 2024
---------
Amortisation
At 1 October 2023
12,120
Charge for the year
Disposals through business combinations
( 12,120)
---------
At 30 September 2024
---------
Carrying amount
At 30 September 2024
---------
At 30 September 2023
---------
6. Tangible assets
Freehold property
Leasehold property
Tenants improvements
Plant and machinery
Solar Panels
Total
£
£
£
£
£
£
Cost
At 1 Oct 2023
1,120,609
20,094
335,161
2,183,539
12,758
3,672,161
Additions
1,699
394,261
395,960
Disposals
( 53,625)
( 8,010)
( 260,149)
( 321,784)
-------------
---------
----------
-------------
---------
-------------
At 30 Sep 2024
1,066,984
20,094
328,850
2,317,651
12,758
3,746,337
-------------
---------
----------
-------------
---------
-------------
Depreciation
At 1 Oct 2023
15,770
206,621
1,432,834
638
1,655,863
Charge for the year
432
12,972
233,094
638
247,136
Disposals
( 7,492)
( 198,679)
( 206,171)
-------------
---------
----------
-------------
---------
-------------
At 30 Sep 2024
16,202
212,101
1,467,249
1,276
1,696,828
-------------
---------
----------
-------------
---------
-------------
Carrying amount
At 30 Sep 2024
1,066,984
3,892
116,749
850,402
11,482
2,049,509
-------------
---------
----------
-------------
---------
-------------
At 30 Sep 2023
1,120,609
4,324
128,540
750,705
12,120
2,016,298
-------------
---------
----------
-------------
---------
-------------
Included in freehold property above is land which is not depreciated. The company applied the transitional arrangement of Section 35 of FRS 102 and used a previous valuation as the deemed cost for the freehold property.
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 30 September 2024
258,750
----------
At 30 September 2023
375,843
----------
7. Debtors
2024
2023
£
£
Trade debtors
51,356
55,951
Other debtors
157,171
84,129
----------
----------
208,527
140,080
----------
----------
8. Investments
2024
2023
£
£
Other investments
917,991
16
----------
----
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
143,478
Trade creditors
142,850
90,879
Corporation tax
414,981
79,490
Social security and other taxes
617
1,141
Other creditors
272,201
368,006
----------
----------
830,649
682,994
----------
----------
The bank overdraft is secured on Manor Farm, Bracebridge Heath and other land at Lissington, Lincs.
Hire purchase liabilities are secured on the assets concerned.
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
303,224
----
----------
The loans are secured on land at Lissington, Lincolnshire.
11. Directors' advances, credits and guarantees
Included in other creditors are the following amounts owed to the directors: Mr G H Neesham £165,672 (2023: £116,143) Mr M W Neesham £133,337 Owed to the company (2023: £19,177 owed to the director) During the year dividends were paid to the directors as follows: Mr G H Neesham £Nil (2023:Nil) Mr M W Neesham £80,010 (2023: £80,010)