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.2 - 10% straight line 10% straight line 15% reducing balance378493884011falsefalsefalsefalse2023-07-01Poultry rearing, arable farming and generating renewable energy10 03355981 2023-07-01 2024-06-30 03355981 2022-07-01 2023-06-30 03355981 2024-06-30 03355981 2023-06-30 03355981 2022-07-01 03355981 1 2023-07-01 2024-06-30 03355981 1 2022-07-01 2023-06-30 03355981 2 2023-07-01 2024-06-30 03355981 2 2022-07-01 2023-06-30 03355981 4 2023-07-01 2024-06-30 03355981 4 2022-07-01 2023-06-30 03355981 5 2023-07-01 2024-06-30 03355981 5 2022-07-01 2023-06-30 03355981 7 2023-07-01 2024-06-30 03355981 d:Director1 2023-07-01 2024-06-30 03355981 d:Director2 2023-07-01 2024-06-30 03355981 d:Director3 2023-07-01 2024-06-30 03355981 d:Director4 2023-07-01 2024-06-30 03355981 d:Director4 2024-06-30 03355981 d:Director5 2023-07-01 2024-06-30 03355981 d:Director5 2024-06-30 03355981 d:RegisteredOffice 2023-07-01 2024-06-30 03355981 e:Buildings 2023-07-01 2024-06-30 03355981 e:Buildings 2024-06-30 03355981 e:Buildings 2023-06-30 03355981 e:Buildings e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03355981 e:PlantMachinery 2023-07-01 2024-06-30 03355981 e:PlantMachinery 2024-06-30 03355981 e:PlantMachinery 2023-06-30 03355981 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03355981 e:MotorVehicles 2023-07-01 2024-06-30 03355981 e:MotorVehicles 2024-06-30 03355981 e:MotorVehicles 2023-06-30 03355981 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03355981 e:OfficeEquipment 2023-07-01 2024-06-30 03355981 e:OfficeEquipment 2024-06-30 03355981 e:OfficeEquipment 2023-06-30 03355981 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03355981 e:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 03355981 e:OtherPropertyPlantEquipment 2024-06-30 03355981 e:OtherPropertyPlantEquipment 2023-06-30 03355981 e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03355981 e:FreeholdInvestmentProperty 2023-07-01 2024-06-30 03355981 e:FreeholdInvestmentProperty 2024-06-30 03355981 e:FreeholdInvestmentProperty 2023-06-30 03355981 e:CurrentFinancialInstruments 2024-06-30 03355981 e:CurrentFinancialInstruments 2023-06-30 03355981 e:Non-currentFinancialInstruments 2024-06-30 03355981 e:Non-currentFinancialInstruments 2023-06-30 03355981 e:Non-currentFinancialInstruments 1 2024-06-30 03355981 e:Non-currentFinancialInstruments 1 2023-06-30 03355981 e:CurrentFinancialInstruments e:WithinOneYear 2024-06-30 03355981 e:CurrentFinancialInstruments e:WithinOneYear 2023-06-30 03355981 e:Non-currentFinancialInstruments e:AfterOneYear 2024-06-30 03355981 e:Non-currentFinancialInstruments e:AfterOneYear 2023-06-30 03355981 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2024-06-30 03355981 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-06-30 03355981 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2024-06-30 03355981 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-06-30 03355981 e:ShareCapital 2024-06-30 03355981 e:ShareCapital 2023-06-30 03355981 e:ShareCapital 2022-07-01 03355981 e:InvestmentPropertiesRevaluationReserve 2024-06-30 03355981 e:InvestmentPropertiesRevaluationReserve 1 2023-07-01 2024-06-30 03355981 e:InvestmentPropertiesRevaluationReserve 2023-06-30 03355981 e:InvestmentPropertiesRevaluationReserve 2022-07-01 03355981 e:OtherMiscellaneousReserve 2023-07-01 2024-06-30 03355981 e:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 03355981 e:RetainedEarningsAccumulatedLosses 2024-06-30 03355981 e:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 03355981 e:RetainedEarningsAccumulatedLosses 2023-06-30 03355981 e:RetainedEarningsAccumulatedLosses 2022-07-01 03355981 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-06-30 03355981 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-06-30 03355981 e:FinancialLiabilitiesFairValueThroughProfitOrLoss e:UnlistedNon-exchangeTraded 2024-06-30 03355981 e:FinancialLiabilitiesFairValueThroughProfitOrLoss e:UnlistedNon-exchangeTraded 2023-06-30 03355981 e:AcceleratedTaxDepreciationDeferredTax 2024-06-30 03355981 e:AcceleratedTaxDepreciationDeferredTax 2023-06-30 03355981 e:TaxLossesCarry-forwardsDeferredTax 2024-06-30 03355981 e:TaxLossesCarry-forwardsDeferredTax 2023-06-30 03355981 e:OtherDeferredTax 2024-06-30 03355981 e:OtherDeferredTax 2023-06-30 03355981 d:OrdinaryShareClass1 2023-07-01 2024-06-30 03355981 d:OrdinaryShareClass1 2024-06-30 03355981 d:OrdinaryShareClass2 2023-07-01 2024-06-30 03355981 d:OrdinaryShareClass2 2024-06-30 03355981 d:OrdinaryShareClass3 2023-07-01 2024-06-30 03355981 d:OrdinaryShareClass3 2024-06-30 03355981 d:OrdinaryShareClass4 2023-07-01 2024-06-30 03355981 d:OrdinaryShareClass4 2024-06-30 03355981 d:OrdinaryShareClass5 2023-07-01 2024-06-30 03355981 d:OrdinaryShareClass5 2024-06-30 03355981 d:PreferenceShareClass1 2023-07-01 2024-06-30 03355981 d:PreferenceShareClass1 2024-06-30 03355981 d:FRS102 2023-07-01 2024-06-30 03355981 d:Audited 2023-07-01 2024-06-30 03355981 d:FullAccounts 2023-07-01 2024-06-30 03355981 d:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 03355981 e:EntityControlledByKeyManagementPersonnel1 2023-07-01 2024-06-30 03355981 e:EntityControlledByKeyManagementPersonnel1 2022-07-01 2023-06-30 03355981 e:EntityControlledByKeyManagementPersonnel1 2024-06-30 03355981 e:EntityControlledByKeyManagementPersonnel1 2023-06-30 03355981 e:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-07-01 2024-06-30 03355981 e:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-07-01 2023-06-30 03355981 e:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-06-30 03355981 e:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-06-30 03355981 e:AccountingPolicyChangeIncreaseDecrease 2023-07-01 2024-06-30 03355981 e:AccountingPolicyChangeIncreaseDecrease 2022-07-01 2023-06-30 03355981 e:RetainedEarningsAccumulatedLosses e:AccountingPolicyChangeIncreaseDecrease 2023-07-01 2024-06-30 03355981 e:RetainedEarningsAccumulatedLosses e:AccountingPolicyChangeIncreaseDecrease 2022-07-01 2023-06-30 03355981 2 2023-07-01 2024-06-30 03355981 6 2023-07-01 2024-06-30 03355981 2 2024-06-30 03355981 2 2023-06-30 03355981 f:PoundSterling 2023-07-01 2024-06-30 03355981 e:ShareCapital e:AccountingPolicyChangeIncreaseDecrease 2023-07-01 2024-06-30 03355981 e:ShareCapital e:AccountingPolicyChangeIncreaseDecrease 2022-07-01 2023-06-30 03355981 e:InvestmentPropertiesRevaluationReserve e:PreviouslyStatedAmount 2023-06-30 03355981 e:InvestmentPropertiesRevaluationReserve e:PreviouslyStatedAmount 2022-07-01 03355981 e:PreviouslyStatedAmount 2023-06-30 03355981 e:PreviouslyStatedAmount 2022-07-01 03355981 e:Buildings e:PreviouslyStatedAmount 2023-06-30 03355981 e:RetainedEarningsAccumulatedLosses 7 2023-07-01 2024-06-30 03355981 e:InvestmentPropertiesRevaluationReserve e:AccountingPolicyChangeIncreaseDecrease 2023-07-01 2024-06-30 03355981 e:InvestmentPropertiesRevaluationReserve e:AccountingPolicyChangeIncreaseDecrease 2022-07-01 2023-06-30 03355981 e:Buildings e:PriorPeriodIncreaseDecrease 2023-06-30 03355981 e:PlantMachinery e:PriorPeriodIncreaseDecrease 2023-06-30 03355981 e:MotorVehicles e:PriorPeriodIncreaseDecrease 2023-06-30 03355981 e:OfficeEquipment e:PriorPeriodIncreaseDecrease 2023-06-30 03355981 e:PriorPeriodIncreaseDecrease 2023-06-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 03355981










UPHOUSE FARM LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
UPHOUSE FARM LIMITED
 
 
COMPANY INFORMATION


Directors
N P Joice 
Mrs J Joice 
Mrs S E Joice 
S R Laws (appointed 5 November 2024)




Registered number
03355981



Registered office
30 Gay Street

Bath

BA1 2PA




Independent auditors
MA Partners LLP
Chartered Accountants & Statutory Auditors

7 The Close

Norwich

Norfolk

NR1 4DJ





 
UPHOUSE FARM LIMITED
 

CONTENTS



Page
Strategic Report
 
 
1 - 2
Directors' Report
 
 
3 - 4
Independent Auditors' Report
 
 
5 - 8
Profit and Loss Account
 
 
9
Balance Sheet
 
 
10
Statement of Changes in Equity
 
 
11
Statement of Cash Flows
 
 
12 - 13
Analysis of Net Debt
 
 
14
Notes to the Financial Statements
 
 
15 - 31


 
UPHOUSE FARM LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Business review
 
Brexit and Avian Influenza continue to provide levels of uncertainty within the poultry industry, with many of the country’s breeder flocks being affected by the prevalence of Bird Flu strain H5N1 over the last year. The Russian invasion of Ukraine has also had a significant impact on inflation globally.
In the UK, food prices, trade disruption and fertiliser supply issues have been notable, with agricultural input costs rising significantly. More relevantly, the UK poultry sector has been heavily impacted by the rise in feed and energy costs which have had a substantial impact on profitability.
The Company, however, has been shielded by the impact in feed cost inflation due to its feed ratchet agreement with its supplier, whereby proportional increases in feed costs are matched by an increase in the liveweight sale costs. The Company's more historical investment in renewable energy has proved vital in light of these inflationary pressures, reducing imported energy costs whilst the biomass plant continues to provide an optimal environment for the chickens.
The demand for British poultry meat remains buoyant, as the high standards of domestically produced food should still keep cheap imports to a minimum despite trade difficulties and inflationary pressures felt by the consumers. 
All the commercial properties in the yard at Weasenham Manor remain let, returning a respectable rental income.

Principal risks and uncertainties
 
Avian Influenza continues to be a major threat to the Company. However, the Company remains insured to cover for an outbreak of AI on the farm, with significant improvements being made to biosecurity measures on site which have proved invaluable in staving off any outbreaks to date.

Financial key performance indicators
 
The key financial performance indicators monitored by the directors are as follows:
       
30/06/24       30/06/23
Turnover  £14,009,334   £13,103,828
Gross profit    £3,280,651     £2,802,653
Gross margin %  23.4%    21.4%
EBITDA    £2,154,454     £1,696,045

Other key performance indicators
 
Ongoing benchmarking exercises ensure that the Company continues to operate at the top within the poultry industry.

Page 1

 
UPHOUSE FARM LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024


This report was approved by the board on 4 February 2025 and signed on its behalf.



N P Joice
Director

Page 2

 
UPHOUSE FARM LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,476,433 (2023 - £1,191,521).

Ordinary dividends paid during the year amounted to £162,230 (2023 - £167,865).

Directors

The directors who served during the year were:

N P Joice 
Mrs J Joice 
Mrs S E Joice 
P Mason (resigned 12 April 2024)

Future developments

The directors continue to approach significant investment projects on the farm with some caution due to the threat of bird flu, given the severity of its impact across the country over the past twelve months. However progress has been made by the directors into the Company’s renewable energy project, which is likely to take shape in the form of a sizeable solar and battery scheme.
The Company has recently completed the Air Heating Units (AHUs) replacement project in all its sheds.

Page 3

 
UPHOUSE FARM LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsMA Partners LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 4 February 2025 and signed on its behalf.
 





N P Joice
Director

Page 4

 
UPHOUSE FARM LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UPHOUSE FARM LIMITED
 

Opinion


We have audited the financial statements of Uphouse Farm Limited (the 'Company') for the year ended 30 June 2024, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 June 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
UPHOUSE FARM LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UPHOUSE FARM LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
UPHOUSE FARM LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UPHOUSE FARM LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the Company.
Our approach was as follows:
• We obtained an understanding of the legal and regulatory requirements applicable to the Company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.
• We obtained an understanding of how the Company complies with these requirements by discussions with management and those charged with governance.
• We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
• We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.
• Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 7

 
UPHOUSE FARM LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UPHOUSE FARM LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Alistair John Fish FCA (Senior Statutory Auditor)
  
for and on behalf of
MA Partners LLP
 
Chartered Accountants
Statutory Auditors
  
7 The Close
Norwich
Norfolk
NR1 4DJ
 

6 March 2025
Page 8

 
UPHOUSE FARM LIMITED
 
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 4 
14,009,334
13,103,828

Cost of sales
  
(10,728,683)
(10,301,175)

Gross profit
  
3,280,651
2,802,653

Machinery and direct costs
  
(908,068)
(904,341)

Administrative expenses
  
(677,346)
(624,808)

Fair value movements
  
31,050
-

Operating profit
  
1,726,287
1,273,504

Amounts written off investments
  
-
12,457

Interest receivable and similar income
 8 
48,235
4,727

Interest payable and similar expenses
 9 
(133,200)
(148,275)

Profit before tax
  
1,641,322
1,142,413

Tax on profit
 11 
(164,889)
49,108

Profit for the financial year
  
1,476,433
1,191,521

There are no items of other comprehensive income for 2024 or 2023 other than the profit for the yearAs a result, no separate Statement of Comprehensive Income has been presented.

The notes on pages 15 to 31 form part of these financial statements.

Page 9

 
UPHOUSE FARM LIMITED
REGISTERED NUMBER: 03355981

BALANCE SHEET
AS AT 30 JUNE 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
15,189,167
15,782,461

Investments
 13 
199,484
199,484

Investment property
 14 
4,891,570
4,724,320

  
20,280,221
20,706,265

Current assets
  

Stocks
 15 
1,378,408
1,332,263

Debtors: amounts falling due within one year
 16 
460,678
1,171,099

Cash at bank and in hand
 17 
2,008,180
907,499

  
3,847,266
3,410,861

Creditors: amounts falling due within one year
 18 
(1,962,320)
(3,077,973)

Net current assets
  
 
 
1,884,946
 
 
332,888

Total assets less current liabilities
  
22,165,167
21,039,153

Creditors: amounts falling due after more than one year
 19 
(3,422,897)
(3,775,976)

Provisions for liabilities
  

Deferred tax
 22 
(862,070)
(697,180)

Net assets
  
17,880,200
16,565,997


Capital and reserves
  

Called up share capital 
 23 
850,000
850,000

Fair value reserve
 24 
925,085
898,971

Profit and loss account
 24 
16,105,115
14,817,026

  
17,880,200
16,565,997


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 February 2025.




N P Joice
Director

The notes on pages 15 to 31 form part of these financial statements.

Page 10

 
UPHOUSE FARM LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Fair value reserve
Profit and loss account
Total equity

£
£
£
£


At 1 July 2022 (as previously stated)
850,000
-
13,793,370
14,643,370

Prior year adjustment
-
898,971
-
898,971


At 1 July 2022 (as restated)
850,000
898,971
13,793,370
15,542,341


Comprehensive income for the year

Profit for the year
-
-
1,191,521
1,191,521

Dividends: Equity capital
-
-
(167,865)
(167,865)



At 1 July 2023 (as previously stated)
850,000
-
14,817,026
15,667,026

Prior year adjustment
-
898,971
-
898,971


At 1 July 2023 (as restated)

850,000

898,971

14,817,026

16,565,997


Comprehensive income for the year

Profit for the year
-
-
1,476,433
1,476,433

Fair value adjustments (net of deferred tax)
-
-
(26,114)
(26,114)

Dividends: Equity capital
-
-
(162,230)
(162,230)

Transfer to/from profit and loss account
-
26,114
-
26,114


At 30 June 2024
850,000
925,085
16,105,115
17,880,200


The notes on pages 15 to 31 form part of these financial statements.

Page 11

 
UPHOUSE FARM LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,476,433
1,191,521

Adjustments for:

Depreciation of tangible assets
468,549
434,998

Impairments of fixed assets
-
(12,457)

Loss on disposal of tangible assets
(9,332)
-

Government grants
(22,500)
(22,500)

Interest paid
133,200
148,274

Interest received
(48,235)
(4,727)

Taxation charge
164,889
(49,108)

(Increase) in stocks
(46,145)
(603,570)

Decrease in debtors
710,421
1,289,524

(Decrease) in creditors
(809,227)
(294,348)

Net cash generated from operating activities

2,018,053
2,077,607


Cash flows from investing activities

Purchase of tangible fixed assets
(30,923)
(826,794)

Sale of tangible fixed assets
28,800
2,979

Transfer to investment properties
(31,050)
-

Interest received
48,235
4,727

Net cash from investing activities

15,062
(819,088)

Cash flows from financing activities

Issue of non-equity shares
-
350,000

Repayment of bank loans
(330,248)
(329,915)

Repayment of other loans
(64,269)
(207,360)

Dividends paid
(162,230)
(167,865)

Non-equity dividends paid
(12,000)
(8,404)

Interest paid
(121,200)
(139,870)

Net cash used in financing activities
(689,947)
(503,414)

Net increase in cash and cash equivalents
1,343,168
755,105

Cash and cash equivalents at beginning of year
525,348
(229,757)

Cash and cash equivalents at the end of year
1,868,516
525,348

Page 12

 
UPHOUSE FARM LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024


2024
2023

£
£


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,008,180
907,499

Bank overdrafts
(139,664)
(382,151)

1,868,516
525,348


The notes on pages 15 to 31 form part of these financial statements.

Page 13

 
UPHOUSE FARM LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024




At 1 July 2023
Cash flows
At 30 June 2024
£

£

£

Cash at bank and in hand

907,499

1,100,681

2,008,180

Bank overdrafts

(382,151)

242,487

(139,664)

Debt due after 1 year

(3,140,976)

330,579

(2,810,397)

Debt due within 1 year

(627,513)

(1,827)

(629,340)


(3,243,141)
1,671,920
(1,571,221)

The notes on pages 15 to 31 form part of these financial statements.

Page 14

 
UPHOUSE FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Uphouse Farm Limited is a private company limited by shares, incorporated and domiciled in England and Wales. The registered office is 30 Gay Street, Bath, BA1 2PA and the principal place of business is South Raynham, Norfolk.
The Company's principal activities are those of poultry rearing, arable farming and generating renewable energy.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

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 value added tax, on the following basis:

Poultry and crop sales - on physical delivery of goods to the customer;
Renewable Heat Incentive (RHI) and Feed-in Tariff (FIT) - on an accruals basis in accordance with the period to which the income relates;
Sale of by-products - on physical delivery of goods to the customer; and
Subsidy income - in the year in which the qualifying conditions are met.

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and Loss Account in the same period as the related expenditure.

 
2.4

Interest income

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

Page 15

 
UPHOUSE FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5

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.

 
2.6

Borrowing costs

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

 
2.7

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.

 
2.8

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.

 
2.9

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 16

 
UPHOUSE FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.9
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 both a straight line and reducing balance basis..

Depreciation is provided on the following basis:

Freehold buildings
-
2 - 10% straight line
Poultry houses
-
10% straight line
Property improvements
-
15% reducing balance
Plant and poultry equipment
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Office and computer equipment
-
25 - 33.3% straight line
Renewable energy
-
2 - 5% straight line

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.

 
2.10

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.11

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.

 
2.12

Stocks

Stocks and work in progress and closing valuation for cultivations (work in progress) are valued at the lower of cost and net realisable value.  Cost of chickens is based on day old prices and feed consumed.  Consumable stocks are valued at cost.

 
2.13

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.

Page 17

 
UPHOUSE FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.14

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.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.15

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.

 
2.16

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.
Page 18

 
UPHOUSE FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)


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.
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.

 
2.17

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.

Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

Page 19

 
UPHOUSE FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
Depreciation of tangible fixed assets
An allowance for depreciation is made against tangible fixed assets and charged to profit or loss over the useful economic lives of the assets. The useful economic life assessment of an asset is based on the time in which the benefits of the assets are realised to the Company. Please refer to note 2.9 for the useful economic lives for each class of assets and note 12 for the net book value of the tangible fixed assets.


4.


Turnover

All turnover is attributable to the principal activities of the Company and arose in the United Kingdom.


5.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
5,780
5,455

6.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
368,702
361,594

Social security costs
50,527
40,754

Cost of defined contribution scheme
37,919
49,389

457,148
451,737


Page 20

 
UPHOUSE FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.Employees (continued)

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
7
7



Directors
4
3

11
10


7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
89,949
24,167

Directors' pensions
23,333
21,465

113,282
45,632



8.


Interest receivable

2024
2023
£
£


Bank interest receivable
48,235
4,727

48,235
4,727


9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
103,578
119,346

Other loan interest payable
17,622
20,525

Preference share dividends
12,000
8,404

133,200
148,275

Page 21

 
UPHOUSE FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

10.


Dividends

2024
2023
£
£


Dividends paid on ordinary shares
162,230
167,865


Dividends paid on preference shares
12,000
8,404

174,230
176,269


11.


Taxation


2024
2023
£
£



Deferred tax


Origination and reversal of timing differences
164,889
(49,108)


Tax on profit
164,889
(49,108)

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,641,322
1,142,412


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
410,331
285,603

Effects of:


Capital allowances for year in excess of depreciation
-
(635)

Additions not qualifying for capital allowances
(7,161)
(18,753)

Depreciation on non-qualifying assets
18,967
17,661

Non-taxable income less expenses not deductible for tax purposes, other than goodwill and impairment
(3,555)
(7,347)

Adjustment in research and development tax credit leading to a decrease in the tax charge
(219,643)
(350,617)

Unrelieved tax losses carried forward
-
24,980

Other differences leading to a decrease in the tax charge
(34,050)
-

Total tax charge for the year
164,889
(49,108)

Page 22

 
UPHOUSE FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
11.Taxation (continued)


Factors that may affect future tax charges

At the balance sheet date, the Company had unrelieved tax losses carried forward of £124,758 (2023 -£1,037,737) which can be offset against future taxable profits.

Page 23

 
UPHOUSE FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Tangible fixed assets





Land and buildings
Renewable energy
Plant and poultry equipment
Motor vehicles
Office and computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 July 2023 (as previously stated)
20,153,223
3,889,756
3,474,868
25,055
32,057
27,574,959


Prior year adjustment
(3,545,986)
-
-
-
-
(3,545,986)


At 1 July 2023 (as restated)
16,607,237
3,889,756
3,474,868
25,055
32,057
24,028,973


Additions
33,774
(144,702)
139,320
-
2,531
30,923


Disposals
(3,500)
-
(105,387)
-
(19,569)
(128,456)


Transfer to investment property
(136,200)
-
-
-
-
(136,200)



At 30 June 2024

16,501,311
3,745,054
3,508,801
25,055
15,019
23,795,240



Depreciation


At 1 July 2023 (as previously stated)
4,044,745
1,892,402
2,273,134
17,128
25,423
8,252,832


Prior year adjustment
(6,321)
-
-
-
-
(6,321)


At 1 July 2023 (as restated)
4,038,424
1,892,402
2,273,134
17,128
25,423
8,246,511


Charge for the year on owned assets
80,504
195,253
186,083
1,982
4,727
468,549


Disposals
-
-
(89,786)
-
(19,201)
(108,987)



At 30 June 2024

4,118,928
2,087,655
2,369,431
19,110
10,949
8,606,073



Net book value



At 30 June 2024
12,382,383
1,657,399
1,139,370
5,945
4,070
15,189,167



At 30 June 2023 (as restated)
12,568,813
1,997,353
1,201,734
7,927
6,634
15,782,461

Included in land and buildings is freehold land at cost of £7,366,178 (2023 - £7,369,678).

Page 24

 
UPHOUSE FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

13.


Fixed asset investments





Unlisted investments

£



Cost


At 1 July 2023 and 30 June 2024
513,967



Impairment


At 1 July 2023
314,483



At 30 June 2024

314,483



Net book value



At 30 June 2024
199,484



At 30 June 2023
199,484


14.


Investment property


Freehold investment property

£



Valuation


At 1 July 2023
4,724,320


Transfer from fixed assets
167,250



At 30 June 2024
4,891,570

The 2024 valuations were made by the directors.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
4,887,715
4,887,715

Accumulated depreciation and impairments
(11,086)
(6,321)

4,876,629
4,881,394

Page 25

 
UPHOUSE FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

15.


Stocks

2024
2023
£
£

Livestock
589,524
459,362

Cultivations
522,847
662,477

Feed and consumables
216,748
192,391

Crops in store
49,289
18,033

1,378,408
1,332,263



16.


Debtors

2024
2023
£
£


Trade debtors
321,843
879,563

Other debtors
28,299
220,324

Prepayments and accrued income
110,536
71,212

460,678
1,171,099



17.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,008,180
907,499

Less: bank overdrafts
(139,664)
(382,151)

1,868,516
525,348


Page 26

 
UPHOUSE FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

18.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
139,664
382,151

Bank loans
330,578
330,247

Trade creditors
928,389
1,751,446

Other taxation and social security
21,382
20,132

Other creditors
449,256
512,249

Accruals and deferred income
93,051
81,748

1,962,320
3,077,973


The bank loan and overdraft are secured by fixed and floating charges over the property and assets.


19.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
2,410,397
2,740,976

Other creditors
500,000
500,000

Government grants received
112,500
135,000

Share capital treated as debt
400,000
400,000

3,422,897
3,775,976


The bank loan is secured by fixed and floating charges over the property and assets.

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2024
2023
£
£


Repayable by instalments
22,500
45,000

22,500
45,000

Government grants falling due after more than one year have been deferred in accordance with the useful life of the specific asset(s) to which they relate and are released to the profit and loss account in equal instalments.

Page 27

 
UPHOUSE FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

20.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
330,578
330,247

Amounts falling due 1-2 years

Bank loans
330,911
330,578

Amounts falling due 2-5 years

Bank loans
2,079,486
2,410,397


2,740,975
3,071,222



21.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
2,207,664
1,106,983

Financial assets that are debt instruments measured at amortised cost
346,424
1,035,109

2,554,088
2,142,092


Financial liabilities


Financial liabilities measured at amortised cost
5,145,339
6,652,434


Financial assets measured at fair value through profit or loss comprise unlisted investments and cash at bank.


Financial assets that are debt instruments measured at amortised cost comprise trade and other debtors.


Financial liabilities measured at amortised cost comprise bank loans and overdrafts, directors' and other loans, trade creditors, other creditors and accruals.

Page 28

 
UPHOUSE FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

22.


Deferred taxation




2024


£






At beginning of year
697,180


Charged to profit or loss
164,890



At end of year
862,070

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
583,709
637,502

Tax losses carried forward
(12,260)
(226,006)

Investment properties
290,621
285,684

862,070
697,180


23.


Share capital

2024
2023
£
£
Shares classified as equity

Allotted, called up and fully paid



318,750 'A' ordinary shares of £1 each
318,750
318,750
318,750 'B' ordinary shares of £1 each
318,750
318,750
117,500 'C' ordinary shares of £1 each
117,500
117,500
10,000 'D' ordinary shares of £1 each
10,000
10,000
85,000 'E' ordinary shares of £1 each
85,000
85,000

850,000

850,000

2024
2023
£
£
Shares classified as debt

Allotted, called up and fully paid



400,000 preference shares of £1 each
400,000
400,000


Page 29

 
UPHOUSE FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

24.


Reserves

Other reserves

The fair value reserve represents the cumulative value of revaluations of the Company's investment properties to fair value, net of deferred tax.  The amounts debited or credited to this reserve are transfers from the profit and loss account.  Deferred tax is provided for on these fair value adjustments at the standard rate of corporation tax applicable in the UK.

Profit & loss account

The profit and loss account includes all current and prior period retained profits and losses.


25.


Prior year adjustment

A prior year adjustment has been made to reclassify the Company's investment properties from tangible fixed assets and to calculate deferred taxation for prior periods.
The effect of these changes on the comparative balance sheet is a decrease in tangible fixed assets of £3,539,665 and an increase in deferred taxation of £285,684. The comparative balance sheet now also includes investment property at a fair value of £4,724,320.  There is no impact on the prior year profit and loss account.
The effect on the opening balance sheet as at 1 July 2023 is an increase in net assets of £898,971.


26.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £37,919 (2023 - £49,389). 
Contributions totalling 
£3,669 (2023 - £2,399) were payable to the fund at the balance sheet date and are included in creditors.

Page 30

 
UPHOUSE FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

27.


Related party transactions

At the balance sheet date the Company owed £545,092 (2023 - £547,867) to the directors. Of this balance, £297,111 (2023 - £294,867) is repayable on demand and included in creditors due within one year in note 18 to the financial statements. The remaining £250,000 (2023 - £250,000) is included in creditors due after more than one year in note 19 to the financial statements. Interest paid by the Company to the directors during the year amounted to £5,914 (2023 - £8,825).
During the year dividends totalling 
£136,090 (2023 - £140,725) were paid to the directors.
The Company makes use of property owned jointly by two of the directors for which it does not pay a rent.

At the balance sheet date the Company owed £367,453 (2023 - £431,946) to close family members of the directors. Of this balance, £117,453 (2023 - £181,946) is repayable on demand and included in creditors due within one year in note 18 to the financial statements. The remaining £250,000 (2023 - £250,000) is included in creditors due after more than one year in note 19 to the financial statements.
Interest paid by the Company to these related parties during the year amounted to 
£11,709 (2023 - £11,700). Dividends of £26,140 (2023 - £27,140) were paid to close family members during the year.


28.


Controlling party

The Company is controlled by N P and Mrs J Joice, directors.

Page 31