Caseware UK (AP4) 2024.0.164 2024.0.164 2024-06-302024-06-3033600037193218868750687502154416296The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falseNo description of principal activity2023-07-0177truetruefalse 00824586 2023-07-01 2024-06-30 00824586 2022-07-01 2023-06-30 00824586 2024-06-30 00824586 2023-06-30 00824586 c:Director3 2023-07-01 2024-06-30 00824586 d:Buildings 2023-07-01 2024-06-30 00824586 d:Buildings 2024-06-30 00824586 d:Buildings 2023-06-30 00824586 d:Buildings d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 00824586 d:Buildings d:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 00824586 d:Buildings d:LongLeaseholdAssets 2023-07-01 2024-06-30 00824586 d:Buildings d:LongLeaseholdAssets 2024-06-30 00824586 d:Buildings d:LongLeaseholdAssets 2023-06-30 00824586 d:PlantMachinery 2023-07-01 2024-06-30 00824586 d:PlantMachinery 2024-06-30 00824586 d:PlantMachinery 2023-06-30 00824586 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 00824586 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 00824586 d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 00824586 d:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 00824586 d:FreeholdInvestmentProperty 2024-06-30 00824586 d:FreeholdInvestmentProperty 2023-06-30 00824586 d:CurrentFinancialInstruments 2024-06-30 00824586 d:CurrentFinancialInstruments 2023-06-30 00824586 d:Non-currentFinancialInstruments 2024-06-30 00824586 d:Non-currentFinancialInstruments 2023-06-30 00824586 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 00824586 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 00824586 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-30 00824586 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 00824586 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-06-30 00824586 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-06-30 00824586 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-06-30 00824586 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-06-30 00824586 d:ShareCapital 2024-06-30 00824586 d:ShareCapital 2023-06-30 00824586 d:InvestmentPropertiesRevaluationReserve 2023-07-01 2024-06-30 00824586 d:InvestmentPropertiesRevaluationReserve 2024-06-30 00824586 d:InvestmentPropertiesRevaluationReserve 2023-06-30 00824586 d:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 00824586 d:RetainedEarningsAccumulatedLosses 2024-06-30 00824586 d:RetainedEarningsAccumulatedLosses 2023-06-30 00824586 c:FRS102 2023-07-01 2024-06-30 00824586 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 00824586 c:FullAccounts 2023-07-01 2024-06-30 00824586 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 00824586 d:HirePurchaseContracts d:WithinOneYear 2024-06-30 00824586 d:HirePurchaseContracts d:WithinOneYear 2023-06-30 00824586 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-06-30 00824586 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-06-30 00824586 2 2023-07-01 2024-06-30 00824586 6 2023-07-01 2024-06-30 00824586 d:AcceleratedTaxDepreciationDeferredTax 2024-06-30 00824586 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 00824586 d:TaxLossesCarry-forwardsDeferredTax 2024-06-30 00824586 d:TaxLossesCarry-forwardsDeferredTax 2023-06-30 00824586 d:OtherDeferredTax 2024-06-30 00824586 d:OtherDeferredTax 2023-06-30 00824586 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-06-30 00824586 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-06-30 00824586 d:LeasedAssetsHeldAsLessee 2024-06-30 00824586 d:LeasedAssetsHeldAsLessee 2023-06-30 00824586 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure
Registered number:00824586













HALL FARM (SUFFIELD) LTD


UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
HALL FARM (SUFFIELD) LTD
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 11


 
HALL FARM (SUFFIELD) LTD
REGISTERED NUMBER:00824586

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,703,605
1,596,359

Investments
 5 
51
51

Investment property
 6 
336,000
336,000

  
2,039,656
1,932,410

Current assets
  

Stocks
  
239,082
272,644

Debtors: amounts falling due within one year
 7 
211,792
191,478

  
450,874
464,122

Creditors: amounts falling due within one year
 8 
(439,855)
(389,205)

Net current assets
  
 
 
11,019
 
 
74,917

Total assets less current liabilities
  
2,050,675
2,007,327

Creditors: amounts falling due after more than one year
 9 
(120,063)
(118,485)

Provisions for liabilities
  

Deferred tax
 12 
(233,242)
(212,019)

  
 
 
(233,242)
 
 
(212,019)

Net assets
  
1,697,370
1,676,823


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Investment property reserve
 13 
226,767
226,767

Profit and loss account
 13 
1,469,603
1,449,056

  
1,697,370
1,676,823


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject
Page 1

 
HALL FARM (SUFFIELD) LTD
REGISTERED NUMBER:00824586
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024

to the small companies regime.

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 January 2025.




................................................
P W Mutimer
Director

The notes on pages 6 to 14 form part of these financial statements.

Page 2

 
HALL FARM (SUFFIELD) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Hall Farm (Suffield) Limited is a private company limited by shares and incorporated in England and Wales, registration number 00824586. The registered office is Hall Farm, Rectory Road, Suffield, Norwich, NR11 7EL. 

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 presented in sterling which is the functional currency of the company and rounded to the nearest £. 
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
HALL FARM (SUFFIELD) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

Interest income

Interest income is recognised in the Income Statement using the effective interest method.

 
2.4

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.

 
2.5

Borrowing costs

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

 
2.6

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting 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 reporting 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 balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 4

 
HALL FARM (SUFFIELD) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.8

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.

Depreciation is provided on the following basis:

Freehold property
-
2% straight line
Property improvements
-
10% straight line
Plant & machinery
-
25% reducing balance

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 the Income Statement

 
2.9

Investment property

Investment property is carried at fair value determined annually by the Directors 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 the Income Statement

 
2.10

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Income Statement for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the cost of purchase.
At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.12

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 5

 
HALL FARM (SUFFIELD) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.13

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.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2023 - 7).

Page 6

 
HALL FARM (SUFFIELD) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Tangible fixed assets





Freehold land and buildings
Property improvements
Plant & machinery
Total

£
£
£
£



Cost or valuation


At 1 July 2023
875,452
258,574
2,030,329
3,164,355


Additions
-
-
314,752
314,752


Disposals
-
-
(146,500)
(146,500)



At 30 June 2024

875,452
258,574
2,198,581
3,332,607



Depreciation


At 1 July 2023
-
158,706
1,409,290
1,567,996


Charge for the year on owned assets
-
188
96,137
96,325


Charge for the year on financed assets
-
-
88,064
88,064


Disposals
-
-
(123,383)
(123,383)



At 30 June 2024

-
158,894
1,470,108
1,629,002



Net book value



At 30 June 2024
875,452
99,680
728,473
1,703,605



At 30 June 2023
875,452
99,868
621,039
1,596,359

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
406,578
339,094

406,578
339,094

Page 7

 
HALL FARM (SUFFIELD) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 July 2023
51



At 30 June 2024
51





6.


Investment property


Freehold investment property

£



Valuation


At 1 July 2023
336,000



At 30 June 2024
336,000

The 2024 valuations were made by the Directors, on an open market value for existing use basis.

2024
2023
£
£

Revaluation reserves


At 1 July 2023
226,767
244,733

Deferred tax movement
-
(17,966)

At 30 June 2024
226,767
226,767



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
36,568
36,568

Accumulated depreciation and impairments
(2,193)
(2,193)

34,375
34,375

Page 8

 
HALL FARM (SUFFIELD) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Debtors

2024
2023
£
£


Trade debtors
174,185
163,616

Other debtors
32,126
18,276

Prepayments and accrued income
5,481
9,586

211,792
191,478



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
219,104
176,980

Bank loans
9,850
9,282

Trade creditors
30,878
29,620

Other taxation and social security
19,252
12,054

Obligations under finance lease and hire purchase contracts
112,722
93,283

Other creditors
10,772
8,148

Accruals and deferred income
37,277
59,838

439,855
389,205


The bank overdraft is secured by fixed and floating charges over land and property owned by the company.


9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
27,946
36,468

Net obligations under finance leases and hire purchase contracts
92,117
82,017

120,063
118,485


Secured loans
The bank loan and overdraft are secured by fixed and floating charges over land and property owned by the company.

Page 9

 
HALL FARM (SUFFIELD) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
9,850
9,282


9,850
9,282

Amounts falling due 1-2 years

Bank loans
9,850
9,850


9,850
9,850

Amounts falling due 2-5 years

Bank loans
18,096
26,618


18,096
26,618


37,796
45,750



11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
112,722
93,283

Between 1-5 years
92,117
82,017

204,839
175,300

Page 10

 
HALL FARM (SUFFIELD) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Deferred taxation




2024


£






At beginning of year
(212,019)


Charged to profit or loss
(21,223)



At end of year
(233,242)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fixed asset timing differences
(181,749)
(154,920)

Capital gains
(74,858)
(74,858)

Losses and other deductions
23,365
17,759

(233,242)
(212,019)


13.


Reserves

Investment property revaluation reserve

The investment property revaluation reserve includes all current and prior period revaluations on investment properties where the fair value of a property exceeded its original cost. 

Profit & loss account

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


14.


Related party transactions

At 30 June 2024 the company owed the directors the following amounts, which are included in other creditors within note 8


2024
2023
£
£

G T and Mrs J A Mutimer
278
672
P W and Mrs C R Mutimer
10,494
7,476
10,772
8,148


Page 11