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REGISTERED NUMBER: 08206833 (England and Wales)















GRANT FARMING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024






GRANT FARMING LIMITED (REGISTERED NUMBER: 08206833)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 8


GRANT FARMING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: P J Grant
M R Grant
Mrs N J Grant





REGISTERED OFFICE: Laburnum House
Main Road
Langrick
Boston
Lincolnshire
PE22 7AN





REGISTERED NUMBER: 08206833 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
5 Resolution Close
Endeavour Park
Boston
Lincolnshire
PE21 7TT

GRANT FARMING LIMITED (REGISTERED NUMBER: 08206833)

STATEMENT OF FINANCIAL POSITION
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 9,697,009 9,767,053
Investments 6 1,156 1,156
9,698,165 9,768,209

CURRENT ASSETS
Valuation 1,074,500 795,292
Debtors 7 2,629,877 2,098,688
3,704,377 2,893,980
CREDITORS
Amounts falling due within one year 8 1,829,930 2,027,678
NET CURRENT ASSETS 1,874,447 866,302
TOTAL ASSETS LESS CURRENT LIABILITIES 11,572,612 10,634,511

CREDITORS
Amounts falling due after more than one year 9 (4,612,024 ) (4,460,945 )

PROVISIONS FOR LIABILITIES (309,385 ) (321,838 )
NET ASSETS 6,651,203 5,851,728

CAPITAL AND RESERVES
Called up share capital 12 20 20
Share premium 3,939,141 3,939,141
Retained earnings 2,712,042 1,912,567
SHAREHOLDERS' FUNDS 6,651,203 5,851,728

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

GRANT FARMING LIMITED (REGISTERED NUMBER: 08206833)

STATEMENT OF FINANCIAL POSITION - continued
30 JUNE 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 March 2025 and were signed on its behalf by:





P J Grant - Director


GRANT FARMING LIMITED (REGISTERED NUMBER: 08206833)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Grant Farming Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of farm crops and livestock, diversification income and basic payment scheme income excluding value added tax.

Sales of crops are recognised on dispatch.

Basic payment scheme entitlements
Intangible assets consist of entitlements to the Basic Payment Scheme. The entitlements are recognised at fair value and written off on a straight line basis over the period to 31 December 2019.

Tangible fixed assets
Tangible fixed assets are held at cost less depreciation.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings - not provided and straight line over 14 years
Plant and machinery etc - 25% and 15% on reducing balance and straight line over 20 years

Valuation
The valuation has been prepared by independent valuers at the lower of cost and estimated selling price less costs to sell.

Biological assets, living plants are included at the lower of cost and estimated selling price less costs to sell.

Financial instruments
The company has chosen to adopt the FRS102 1A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.


GRANT FARMING LIMITED (REGISTERED NUMBER: 08206833)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the income statement over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Fixed asset investments
Fixed asset investments are stated at cost, unless in the opinion of the directors, there has been an impairment, in which case an appropriate adjustment has been made.

Basic payment scheme
The basic payment scheme is recognised in the financial statements in accordance with current H M Revenue & Customs guidance.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 7 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 July 2023
and 30 June 2024 98,965
AMORTISATION
At 1 July 2023
and 30 June 2024 98,965
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 -

GRANT FARMING LIMITED (REGISTERED NUMBER: 08206833)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 July 2023 8,542,921 2,231,229 10,774,150
Additions 3,299 216,476 219,775
Disposals - (7,880 ) (7,880 )
At 30 June 2024 8,546,220 2,439,825 10,986,045
DEPRECIATION
At 1 July 2023 117,839 889,258 1,007,097
Charge for year 10,402 273,159 283,561
Eliminated on disposal - (1,622 ) (1,622 )
At 30 June 2024 128,241 1,160,795 1,289,036
NET BOOK VALUE
At 30 June 2024 8,417,979 1,279,030 9,697,009
At 30 June 2023 8,425,082 1,341,971 9,767,053

The net book value of tangible fixed assets includes £ 569,047 (2023 - £ 600,854 ) in respect of assets held under hire purchase contracts.

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 July 2023
and 30 June 2024 1,156
NET BOOK VALUE
At 30 June 2024 1,156
At 30 June 2023 1,156

7. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 330,461 242,256
Other debtors 604,536 173,552
934,997 415,808

Amounts falling due after more than one year:
Other debtors 1,694,880 1,682,880

Aggregate amounts 2,629,877 2,098,688

GRANT FARMING LIMITED (REGISTERED NUMBER: 08206833)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 358,752 605,351
Hire purchase contracts (see note 10) 183,017 119,411
Trade creditors 538,452 443,318
Amounts owed to group undertakings 829 829
Taxation and social security 299,316 52,280
Other creditors 449,564 806,489
1,829,930 2,027,678

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 3,167,178 2,957,466
Hire purchase contracts (see note 10) 183,244 245,636
Other creditors 1,261,602 1,257,843
4,612,024 4,460,945

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Preference shares 900,000 900,000

Repayable by instalments
Bank loans 2,160,723 2,108,212

10. LEASING AGREEMENTS

The company has operating lease commitments that are covered by AHA tenancy agreements. The current annual commitment in respect of these agreements is £69,170 (2023 - £65,170).

The company has future operating lease commitments of £148,119 (2023 - £349,270).

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 102,648 389,085
Bank loans 3,423,282 3,173,732
Hire purchase contracts 366,261 365,047
3,892,191 3,927,864

Bank loans and overdraft are secured on land and buildings owned by the company.

Legal mortgages are secured on the assets to which they relate.

Hire purchase contracts are secured on the assets to which they relate.

GRANT FARMING LIMITED (REGISTERED NUMBER: 08206833)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
625 Ordinary A £0.01 6 6
1,250 Ordinary B £0.01 13 13
1 Ordinary C £1.00 1 1
20 20

13. RELATED PARTY DISCLOSURES

The company is owed £1,682,880 from Wildmore Poultry Limited. This loan is on interest free terms.

Wildmore Poultry Ltd and the company are controlled by the same individuals.