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REGISTERED NUMBER: 00438926 (England and Wales)















Unaudited Financial Statements

for the Period 1 February 2023 to 31 March 2024

for

Fred Hartley (Estates) Limited

Fred Hartley (Estates) Limited (Registered number: 00438926)

Contents of the Financial Statements
for the Period 1 February 2023 to 31 March 2024










Page

Balance Sheet 1

Notes to the Financial Statements 3


Fred Hartley (Estates) Limited (Registered number: 00438926)

Balance Sheet
31 March 2024

31.3.24 31.1.23
Notes £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 2,143,905 4,191,062
Investments 7 2 2
2,143,907 4,191,064

Current assets
Stocks - 165,449
Debtors 8 175,827 1,215,806
Cash at bank and in hand 45,125 325,305
220,952 1,706,560
Creditors
Amounts falling due within one year 9 (31,858 ) (224,465 )
Net current assets 189,094 1,482,095
Total assets less current liabilities 2,333,001 5,673,159

Creditors
Amounts falling due after more than one
year

10

(18,952

)

(30,240

)

Provisions for liabilities (413,982 ) (263,660 )

Accruals and deferred income (2,415 ) (5,796 )
Net assets 1,897,652 5,373,463

Fred Hartley (Estates) Limited (Registered number: 00438926)

Balance Sheet - continued
31 March 2024

31.3.24 31.1.23
Notes £ £
Capital and reserves
Called up share capital 150,000 181,616
Revaluation reserve 12 451,508 418,562
Capital redemption reserve 298,000 266,384
Retained earnings 998,144 4,506,901
1,897,652 5,373,463

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 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.

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 Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 March 2025 and were signed on its behalf by:





Mr S D Hartley - Director


Fred Hartley (Estates) Limited (Registered number: 00438926)

Notes to the Financial Statements
for the Period 1 February 2023 to 31 March 2024


1. Statutory information

Fred Hartley (Estates) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 00438926

Registered office: Inglethorpe Manor
Church Road
Emneth
Wisbech
Cambridgeshire
PE14 8AF

2. Statement of compliance

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.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention or historic cost modified by revaluation of financial assets and financial liabilities held at fair value through profit and loss, except for the financial instruments that are measured at their fair values at the end of each reporting period, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.

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

The principal accounting policies adopted are set out below. All accounting policies have been applied consistently, other than where new policies have been adopted.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Fred Hartley (Estates) Limited (Registered number: 00438926)

Notes to the Financial Statements - continued
for the Period 1 February 2023 to 31 March 2024


3. Accounting policies - continued

Turnover
Turnover from the sale of produce and work done is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer (usually on despatch of the goods), the amount of turnover can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Single Farm Payments are receivable on an annual basis. The payment only becomes receivable once the occupation period specified has been completed. The income is recognised once the occupation period is completed.

Renewable energy income is receivable quarterly in line with meter readings of the energy generated within that period. The income is recognised on an accruals basis in the period in which it is generated.

Turnover is generated through rental income received on land and property held by the company. It is measured by pre-agreed rental amounts stipulated in tenancy agreements and is recognised on a monthly or annual basis.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Basic Farm payment are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 33% p.a. reducing balance, 25% p.a. reducing balance, 15% p.a. reducing balance and 10% p.a. reducing balance
Tractors - 25% p.a. reducing balance
Motor vehicles - 25% p.a. reducing balance

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Government grants
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognised the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Fred Hartley (Estates) Limited (Registered number: 00438926)

Notes to the Financial Statements - continued
for the Period 1 February 2023 to 31 March 2024


3. Accounting policies - continued

Stocks
Stocks are measured at the lower of cost and net realisable value. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Net realisable value is calculated at the lower of cost or selling price less cost to complete.

At each balance sheet 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 the profit or loss.

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.


Fred Hartley (Estates) Limited (Registered number: 00438926)

Notes to the Financial Statements - continued
for the Period 1 February 2023 to 31 March 2024


3. Accounting policies - continued
Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 period 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.

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.

4. Employees and directors

The average number of employees during the period was 3 (2023 - 4 ) .

5. Intangible fixed assets
Basic Farm
payment
£
Cost
At 1 February 2023
and 31 March 2024 54,300
Amortisation
At 1 February 2023
and 31 March 2024 54,300
Net book value
At 31 March 2024 -
At 31 January 2023 -

Fred Hartley (Estates) Limited (Registered number: 00438926)

Notes to the Financial Statements - continued
for the Period 1 February 2023 to 31 March 2024


6. Tangible fixed assets
Freehold Plant and Motor
property machinery Tractors vehicles Totals
£ £ £ £ £
Cost or valuation
At 1 February 2023 4,408,229 412,703 78,892 73,915 4,973,739
Additions - 750 - - 750
Disposals (2,655,561 ) (373,081 ) (26,500 ) (35,835 ) (3,090,977 )
Revaluations 373,224 - - - 373,224
At 31 March 2024 2,125,892 40,372 52,392 38,080 2,256,736
Depreciation
At 1 February 2023 316,558 333,729 76,799 55,591 782,677
Charge for period 2,086 1,539 181 2,306 6,112
Eliminated on disposal - (307,533 ) (25,131 ) (26,736 ) (359,400 )
Revaluation adjustments (316,558 ) - - - (316,558 )
At 31 March 2024 2,086 27,735 51,849 31,161 112,831
Net book value
At 31 March 2024 2,123,806 12,637 543 6,919 2,143,905
At 31 January 2023 4,091,671 78,974 2,093 18,324 4,191,062

Cost or valuation at 31 March 2024 is represented by:

Freehold Plant and Motor
property machinery Tractors vehicles Totals
£ £ £ £ £
Valuation in 2023 689,782 - - - 689,782
Cost 1,436,110 40,372 52,392 38,080 1,566,954
2,125,892 40,372 52,392 38,080 2,256,736

7. Fixed asset investments
Shares in
group
undertakings
£
Cost
At 1 February 2023
and 31 March 2024 2
Net book value
At 31 March 2024 2
At 31 January 2023 2

Fred Hartley (Estates) Limited (Registered number: 00438926)

Notes to the Financial Statements - continued
for the Period 1 February 2023 to 31 March 2024


8. Debtors: amounts falling due within one year
31.3.24 31.1.23
£ £
Trade debtors 18,301 17,298
Other debtors 157,526 1,198,508
175,827 1,215,806

9. Creditors: amounts falling due within one year
31.3.24 31.1.23
£ £
Bank loans and overdrafts 9,891 9,760
Trade creditors 5,504 68,140
Amounts owed to group undertakings 2 2
Taxation and social security 8,913 1,153
Other creditors 7,548 145,410
31,858 224,465

10. Creditors: amounts falling due after more than one year
31.3.24 31.1.23
£ £
Bank loans 18,952 30,240

11. Secured debts

The following secured debts are included within creditors:

31.3.24 31.1.23
£ £
Bank loans 28,843 40,000

Bank loans and overdrafts have been secured against the assets of the company.

Fred Hartley (Estates) Limited (Registered number: 00438926)

Notes to the Financial Statements - continued
for the Period 1 February 2023 to 31 March 2024


12. Reserves
Revaluation
reserve
£
At 1 February 2023 418,562
Revaluation of properties 689,782
Taxation on revalued property (150,560 )
Disposal of revalued assets (506,107 )
Transfer of reserves (169 )

At 31 March 2024 451,508

Profit and loss account - This reserve records distributable retained earnings and accumulated losses.

Revaluation reserve - This reserve records the upward valuations of freehold property and tax implications.

During the financial year, a de-merger took place resulting in the purchase of own shares. Distributions in specie in relation to this event have been reflected in the reserves.

13. Directors' advances, credits and guarantees

The following advances and credits to a director subsisted during the period ended 31 March 2024 and the year ended 31 January 2023:

31.3.24 31.1.23
£ £
Mr S D Hartley
Balance outstanding at start of period 77,315 68,021
Amounts advanced 85,848 54,502
Amounts repaid (38,000 ) (45,208 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 125,163 77,315

14. Related party disclosures

No transactions were undertaken with related parties such as are required to be disclosed under the Financial Reporting Standard 102, Section 1A.