KNAPTOFT HALL FARM LIMITED
Company registration number 03775647 (England and Wales)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
KNAPTOFT HALL FARM LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
KNAPTOFT HALL FARM LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,057,991
7,113,078
Biological assets
4
327,244
185,535
Investments
5
620,000
620,000
8,005,235
7,918,613
Current assets
Stocks
203,049
180,170
Debtors
6
266,287
196,036
Cash at bank and in hand
159,310
376,988
628,646
753,194
Creditors: amounts falling due within one year
7
(3,534,690)
(3,481,064)
Net current liabilities
(2,906,044)
(2,727,870)
Total assets less current liabilities
5,099,191
5,190,743
Creditors: amounts falling due after more than one year
8
(2,497,522)
(2,559,353)
Provisions for liabilities
(80,782)
(77,050)
Net assets
2,520,887
2,554,340
Capital and reserves
Called up share capital
304,081
304,081
Share premium account
315,919
315,919
Profit and loss reserves
1,900,887
1,934,340
Total equity
2,520,887
2,554,340
KNAPTOFT HALL FARM LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 24 March 2025 and are signed on its behalf by:
Mrs P R Fray
Director
Company registration number 03775647 (England and Wales)
KNAPTOFT HALL FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
Knaptoft Hall Farm Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Brassey Road, Old Potts Way, Shrewsbury, Shropshire, SY3 7FA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings freehold
1% and 4% straight line on buildings, land is not depreciated
Plant and machinery
12.5% reducing balance and 5% straight line
Office equipment
33% straight line
Motor vehicles
17.5% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Freehold land is not depreciated. The directors consider that the value of the freehold land is not materially different to its residual value and therefore is not depreciated.
KNAPTOFT HALL FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Biological assets
Biological assets are recognised only when three recognition criteria have been fulfilled:
the entity has control over the asset as a result of past events;
it is probable that future economic benefits associated with the asset will flow to the entity; and
the fair value or cost of the asset can be measured reliably.
The company measures biological assets at cost less accumulated depreciation and accumulated impairment losses.
In respect of agricultural produce harvested from a biological asset, this is measured at the point of harvest at either;
lower of cost and estimated selling price less costs to complete and sell; or
fair value less costs to sell with any gain or loss arising on initial recognition of agricultural produce at fair value less costs to sell being included in profit or loss.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Dairy youngstock
Not depreciated
Growing crops
Not depreciated
The directors consider that the cost value of livestock and growing crops is not materially different to their residual value and therefore are not depreciated.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
KNAPTOFT HALL FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.12
Leases
KNAPTOFT HALL FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 6 -
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.13
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
5
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2023
7,523,344
187,794
7,711,138
Additions
12,144
12,144
At 30 June 2024
7,523,344
199,938
7,723,282
Depreciation and impairment
At 1 July 2023
478,534
119,526
598,060
Depreciation charged in the year
57,371
9,860
67,231
At 30 June 2024
535,905
129,386
665,291
Carrying amount
At 30 June 2024
6,987,439
70,552
7,057,991
At 30 June 2023
7,044,810
68,268
7,113,078
KNAPTOFT HALL FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
4
Biological assets
Dairy youngstock
Growing crops
Total
£
£
£
Cost
At 1 July 2023
134,700
50,835
185,535
Additions - home reared
149,410
43,134
192,544
Harvest
(50,835)
(50,835)
At 30 June 2024
284,110
43,134
327,244
Depreciation and impairment
At 1 July 2023 and 30 June 2024
Carrying amount
At 30 June 2024
284,110
43,134
327,244
At 30 June 2023
134,700
50,835
185,535
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
620,000
620,000
Fixed asset investments not carried at market value
Fixed asset investments are held at cost.
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
229,983
149,261
Other debtors
36,304
46,775
266,287
196,036
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
61,768
62,872
Trade creditors
366,104
249,159
Amounts owed to group undertakings
2,117,119
2,117,119
Other creditors
989,699
1,051,914
3,534,690
3,481,064
KNAPTOFT HALL FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
2,497,522
2,559,353
Bank loans are secured by a mortgage over the freehold land of the company.
Amounts included above which fall due after five years are as follows:
Payable by instalments
2,250,450
2,307,866
9
Related party transactions
Included in other creditors is £770,000 (2023: £770,000) owed to Hallmark Properties (Leic) Ltd.