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Registration number: 05627919

Overdale Farms Limited

Director's Report and Unaudited Financial Statements

for the Year Ended 30 November 2024

 

Overdale Farms Limited

(Registration number: 05627919)

Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

802,862

828,353

Investment property

4

400,000

400,000

 

1,202,862

1,228,353

Current assets

 

Stocks

-

210,407

Debtors

5

16,210

30,197

Cash at bank and in hand

 

185,178

70,937

 

201,388

311,541

Creditors: Amounts falling due within one year

6

(2,800)

(1,841)

Net current assets

 

198,588

309,700

Total assets less current liabilities

 

1,401,450

1,538,053

Creditors: Amounts falling due after more than one year

6

(1,694,116)

(1,848,280)

Net liabilities

 

(292,666)

(310,227)

Capital and reserves

 

Called up share capital

1

1

Revaluation reserve

83,201

83,201

Retained earnings

(375,868)

(393,429)

Shareholders' deficit

 

(292,666)

(310,227)

For the financial year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Director's Report and the Profit and Loss Account has been taken.

 

Overdale Farms Limited

(Registration number: 05627919)

Balance Sheet as at 30 November 2024 (continued)

These financial statements, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the director on 14 March 2025
 

.........................................

A J B Smith

Director

 

Overdale Farms Limited

Statement of Changes in Equity for the Year Ended 30 November 2024

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 December 2023

1

83,201

(393,429)

(310,227)

Profit for the year

-

-

17,561

17,561

At 30 November 2024

1

83,201

(375,868)

(292,666)

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 December 2022

1

-

(357,809)

(357,808)

Profit for the year

-

-

47,581

47,581

Transfers

-

83,201

(83,201)

-

At 30 November 2023

1

83,201

(393,429)

(310,227)

 

Overdale Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

1

Accounting policies

Statutory information

Overdale Farms Limited is a private company, limited by shares, domiciled in England and Wales, company number 05627919. The registered office is at Pegasus House, 463a Glossop Road Sheffield, S10 2QD.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

Going concern

The financial statements have been prepared on a going concern basis based on the directors continued support of the company.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

2% straight line

Plant and machinery

20-25% straight line

 

Overdale Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)

1

Accounting policies (continued)

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

3

Tangible assets

Land and buildings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 December 2023

1,152,223

87,597

1,239,820

At 30 November 2024

1,152,223

87,597

1,239,820

Depreciation

At 1 December 2023

330,336

81,131

411,467

Charge for the year

23,044

2,447

25,491

At 30 November 2024

353,380

83,578

436,958

Carrying amount

At 30 November 2024

798,843

4,019

802,862

At 30 November 2023

821,887

6,466

828,353

Included within the net book value of land and buildings above is £798,843 (2023 - £821,887) in respect of leasehold land and buildings.
 

 

Overdale Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)

4

Investment properties

2024
£

At 1 December 2023

400,000

At 30 November 2024

400,000

Investment properties have been valued at current market value by the director, Mr A J B Smith at the balance sheet date. The historical cost of the investment properties was £316,799 (2023: £316,799). Depreciation on this historical cost is nil (2023: nil).

5

Debtors

Current

2024
£

2023
£

Other debtors

16,210

30,197

 

16,210

30,197

6

Creditors

2024
£

2023
£

Due within one year

Trade creditors

-

91

Other creditors

2,800

1,750

2,800

1,841

2024
£

2023
£

Due after one year

Directors loan account

1,694,116

1,848,280

7

Related party transactions

At the year end the director, A J B Smith had an interest free loan with the company. The balance owing to the director at the balance sheet date was £1,694,116 (2023: £1,848,280).

The freehold of the leasehold land and buildings is owned by AJB Smith and they are leased to the company at a peppercorn rent.