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REGISTERED NUMBER: 01935308 (England and Wales)






















Financial Statements for the Year Ended 30th June 2024

for

Little Staughton Farms Limited

Little Staughton Farms Limited (Registered number: 01935308)






Contents of the Financial Statements
for the year ended 30th June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Little Staughton Farms Limited

Company Information
for the year ended 30th June 2024







DIRECTORS: Mr R L Banks
Mrs S Banks



SECRETARY: Mrs S Banks



REGISTERED OFFICE: 71 Banks Drive
Sandy
Bedfordshire
SG19 1AE



REGISTERED NUMBER: 01935308 (England and Wales)



ACCOUNTANTS: Smailes Goldie Limited
Chartered Accountants
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA



SOLICITORS: Woodfines LLP
16 St Cuthbert's Street
Bedford
Bedfordshire
MK40 3JG

Little Staughton Farms Limited (Registered number: 01935308)

Balance Sheet
30th June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 3,639,213 2,654,299
Investment property 6 250,000 200,000
3,889,213 2,854,299

CURRENT ASSETS
Stocks 564,619 489,020
Debtors 7 1,018,141 330,826
Investments 8 - 950,000
Cash at bank 48,577 537,761
1,631,337 2,307,607
CREDITORS
Amounts falling due within one year 9 262,286 352,737
NET CURRENT ASSETS 1,369,051 1,954,870
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,258,264

4,809,169

PROVISIONS FOR LIABILITIES 341,375 356,495
NET ASSETS 4,916,889 4,452,674

CAPITAL AND RESERVES
Called up share capital 652,739 182,600
Revaluation reserve 11 250,000 200,000
Capital reserve 226,951 226,951
Retained earnings 3,787,199 3,843,123
SHAREHOLDERS' FUNDS 4,916,889 4,452,674

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30th 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.

Little Staughton Farms Limited (Registered number: 01935308)

Balance Sheet - continued
30th 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14th March 2025 and were signed on its behalf by:





Mr R L Banks - Director


Little Staughton Farms Limited (Registered number: 01935308)

Notes to the Financial Statements
for the year ended 30th June 2024

1. STATUTORY INFORMATION

Little Staughton Farms 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared in accordance with applicable accounting standards including Section 1A of Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

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.

Turnover
Turnover represents sales of farm produce and associated income, net of VAT and trade discounts. Turnover is recognised when the economic risks and rewards pass to third parties, usually on the dispatch of goods.

Intangible fixed assets
Basic Payment Scheme entitlements are initially recognised at cost and are amortised on a straight line basis over their expected useful life. The Basic Payment Scheme commenced in 2015 and the expected useful life was 5 years, reflecting the period of benefit to be received. The Basic Payment Scheme entitlements were fully amortised in the year ended 30 June 2021.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation
Depreciation of fixed assets is charged by annual instalments commencing with the year of acquisition at rates estimated to write off their cost less any residual value over the expected useful lives.

The annual rates used are as follows:

Freehold landNil
Land and buildings2% on cost, 2.5% on cost, 10% on cost
Plant and machineryBetween 3 and 20 years

Investment property
Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in statement of comprehensive income.

Stocks
Stocks, including biological assets, are stated at the lower of cost and net realisable value. Cost is determined using the first-in, first-out (FIFO) method and represents costs incurred to date to bring growing crops and finished produce to its current state. Net realisable value is estimated selling price in the ordinary course of business, less applicable variable selling expenses.


Little Staughton Farms Limited (Registered number: 01935308)

Notes to the Financial Statements - continued
for the year ended 30th June 2024

2. ACCOUNTING POLICIES - continued
Current & deferred tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current and past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 and other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Debtors and creditors receivable/ payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 5 ) .

Little Staughton Farms Limited (Registered number: 01935308)

Notes to the Financial Statements - continued
for the year ended 30th June 2024

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1st July 2023
and 30th June 2024 71,400
AMORTISATION
At 1st July 2023
and 30th June 2024 71,400
NET BOOK VALUE
At 30th June 2024 -
At 30th June 2023 -

5. TANGIBLE FIXED ASSETS
Land and Plant and
buildings machinery Racehorses Totals
£    £    £    £   
COST
At 1st July 2023 1,880,810 1,819,061 198,000 3,897,871
Additions 1,197,951 88,930 - 1,286,881
Disposals - (35,200 ) (63,750 ) (98,950 )
At 30th June 2024 3,078,761 1,872,791 134,250 5,085,802
DEPRECIATION
At 1st July 2023 395,303 848,269 - 1,243,572
Charge for year 37,317 200,900 - 238,217
Eliminated on disposal - (35,200 ) - (35,200 )
At 30th June 2024 432,620 1,013,969 - 1,446,589
NET BOOK VALUE
At 30th June 2024 2,646,141 858,822 134,250 3,639,213
At 30th June 2023 1,485,507 970,792 198,000 2,654,299

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st July 2023 200,000
Revaluations 50,000
At 30th June 2024 250,000
NET BOOK VALUE
At 30th June 2024 250,000
At 30th June 2023 200,000

Little Staughton Farms Limited (Registered number: 01935308)

Notes to the Financial Statements - continued
for the year ended 30th June 2024

6. INVESTMENT PROPERTY - continued

Fair value at 30th June 2024 is represented by:
£   
Valuation in 2024 250,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 116,255 107,042
Directors' loan accounts 817,473 -
VAT 32,677 18,406
Prepayments and accrued income 51,736 205,378
1,018,141 330,826

8. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Other - 950,000

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other loans 50,000 -
Hire purchase contracts (see note 10) 4,960 -
Trade creditors 103,976 93,168
Tax 38,768 92,568
Social security and other taxes 3,615 4,583
Other creditors 5,417 5,417
Directors' loan accounts - 91,482
Accruals and deferred income 55,550 65,519
262,286 352,737

The unsecured loan of £50,000 included within other creditors carries interest at 0.25% above base rate, which is paid quarterly and is repayable on demand.

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 4,960 -

Little Staughton Farms Limited (Registered number: 01935308)

Notes to the Financial Statements - continued
for the year ended 30th June 2024

10. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2024 2023
£    £   
Within one year 25,069 12,359

11. RESERVES

Capital Reserve
On 1 March 1986 assets with a market value of £237,681 were transferred to the company from Sidney C Banks (Farms) Limited for nil consideration. This resulted in the creation of a capital reserve of £226,951 being £237,681 less an amount of £10,730 in respect of a deferred tax asset which was not recognised for accounting purposes.

12. RELATED PARTY DISCLOSURES

Key management personnel of the entity

20242023
£   £   
Rent paid--
Amounts due (to)/ from related parties817,473(92,022)

Amounts due from related parties have been fully repaid following the year-end.

The company has occupied 23 acres of land owned by a director rent-free during the year to 30 June 2024.

13. POST BALANCE SHEET EVENTS

The following non-adjusting event has occurred since 30 June 2024:

On 24 August 2024, a racehorse owned by the company was unfortunately fatally injured during a race.