IRIS Accounts Production v24.3.2.46 04029993 Board of Directors 1.10.23 30.9.24 30.9.24 19/2/2025 false true false false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh040299932023-09-30040299932024-09-30040299932023-10-012024-09-30040299932022-09-30040299932022-10-012023-09-30040299932023-09-3004029993ns15:EnglandWales2023-10-012024-09-3004029993ns14:PoundSterling2023-10-012024-09-3004029993ns10:Director12023-10-012024-09-3004029993ns10:CompanyLimitedByGuarantee2023-10-012024-09-3004029993ns10:SmallEntities2023-10-012024-09-3004029993ns10:Audited2023-10-012024-09-3004029993ns10:SmallCompaniesRegimeForDirectorsReport2023-10-012024-09-3004029993ns10:SmallCompaniesRegimeForAccounts2023-10-012024-09-3004029993ns10:FullAccounts2023-10-012024-09-300402999312023-10-012024-09-3004029993ns10:Director22023-10-012024-09-3004029993ns10:Director32023-10-012024-09-3004029993ns10:Director42023-10-012024-09-3004029993ns10:Director52023-10-012024-09-3004029993ns10:Director62023-10-012024-09-3004029993ns10:Director72023-10-012024-09-3004029993ns10:Director82023-10-012024-09-3004029993ns10:Director92023-10-012024-09-3004029993ns10:Director102023-10-012024-09-3004029993ns10:Director112023-10-012024-09-3004029993ns10:CompanySecretary12023-10-012024-09-3004029993ns10:RegisteredOffice2023-10-012024-09-3004029993ns5:CurrentFinancialInstruments2024-09-3004029993ns5:CurrentFinancialInstruments2023-09-3004029993ns5:FurtherSpecificReserve2ComponentTotalEquity2024-09-3004029993ns5:FurtherSpecificReserve2ComponentTotalEquity2023-09-3004029993ns5:RetainedEarningsAccumulatedLosses2024-09-3004029993ns5:RetainedEarningsAccumulatedLosses2023-09-3004029993ns5:IntangibleAssetsOtherThanGoodwill2023-10-012024-09-3004029993ns5:ComputerSoftware2023-10-012024-09-3004029993ns5:PlantMachinery2023-10-012024-09-3004029993ns5:FurnitureFittings2023-10-012024-09-3004029993ns5:ComputerEquipment2023-10-012024-09-3004029993ns5:ComputerSoftware2023-09-3004029993ns5:ComputerSoftware2024-09-3004029993ns5:ComputerSoftware2023-09-3004029993ns5:PlantMachinery2023-09-3004029993ns5:FurnitureFittings2023-09-3004029993ns5:ComputerEquipment2023-09-3004029993ns5:PlantMachinery2024-09-3004029993ns5:FurnitureFittings2024-09-3004029993ns5:ComputerEquipment2024-09-3004029993ns5:PlantMachinery2023-09-3004029993ns5:FurnitureFittings2023-09-3004029993ns5:ComputerEquipment2023-09-3004029993ns5:WithinOneYearns5:CurrentFinancialInstruments2024-09-3004029993ns5:WithinOneYearns5:CurrentFinancialInstruments2023-09-3004029993ns5:WithinOneYear2024-09-3004029993ns5:WithinOneYear2023-09-3004029993ns5:BetweenOneFiveYears2024-09-3004029993ns5:BetweenOneFiveYears2023-09-3004029993ns5:AllPeriods2024-09-3004029993ns5:AllPeriods2023-09-3004029993ns5:RetainedEarningsAccumulatedLosses2023-09-3004029993ns5:FurtherSpecificReserve2ComponentTotalEquity2023-09-3004029993ns5:RetainedEarningsAccumulatedLosses2023-10-012024-09-30
REGISTERED NUMBER: 04029993 (England and Wales)














SOUTHERN FARMERS LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30TH SEPTEMBER 2024






SOUTHERN FARMERS LIMITED (REGISTERED NUMBER: 04029993)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH SEPTEMBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 6


SOUTHERN FARMERS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH SEPTEMBER 2024







DIRECTORS: C D Bishop
N G Henry
T S Piper
R W H Benge
G Mackenzie
S G M Jemmett-Page
Mrs B J Fifield
D J Fuller
Ms L Maitland
M Cooke
A Clifton-Holt



SECRETARY: Mrs B J Fifield



REGISTERED OFFICE: Windmill Farm
Benenden Road
Rolvenden
Cranbrook
Kent
TN17 4PF



REGISTERED NUMBER: 04029993 (England and Wales)



SENIOR STATUTORY AUDITOR: Richard Appleyard FCA



AUDITORS: GMP Audit Limited, Statutory Auditor
82 High Street
Tenterden
Kent
TN30 6JG

SOUTHERN FARMERS LIMITED (REGISTERED NUMBER: 04029993)

BALANCE SHEET
30TH SEPTEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 113,286 145,654
Tangible assets 5 5,272 9,209
118,558 154,863

CURRENT ASSETS
Debtors 6 5,485,807 9,405,665
Cash at bank and in hand 3,757,839 8,084,317
9,243,646 17,489,982
CREDITORS
Amounts falling due within one year 7 7,832,026 16,263,129
NET CURRENT ASSETS 1,411,620 1,226,853
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,530,178

1,381,716

RESERVES
Project reserve 9 115,893 148,261
Income and expenditure account 9 1,414,285 1,233,455
1,530,178 1,381,716

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 17th February 2025 and were signed on its behalf by:





D J Fuller - Director


SOUTHERN FARMERS LIMITED (REGISTERED NUMBER: 04029993)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH SEPTEMBER 2024


1. STATUTORY INFORMATION

Southern Farmers Limited is a private company, limited by guarantee, registered in England and Wales. The company's registered number and registered office address can be found on page 1, Company Information.

The presentation currency of the financial statements is 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.

The company enjoys strong demand for its services and does not anticipate difficulty in meeting all its anticipated financial needs. The directors are therefore of the opinion that the company is a going concern and these financial statements have been prepared on that basis.

Turnover (operating account income) and member throughput
The company's turnover represents the value, excluding value added tax, of the services supplied to members during the period. None of the company's turnover related to exports.

The company, as at present constituted and managed, is a mutual trading concern. Member throughput is underwritten by the company and is subsequently reflected in the debtor and creditor position on the Balance Sheet as at 30 September 2024.

During the year to 30 September 2024, throughput processed on behalf of members totalled £56,741,061 (2023: £58,646,858).

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.

Computer software is being amortised evenly over its estimated useful life of five years.

Amortisation commenced from the date the computer software was fully operational.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer server - 20% on cost
Photocopier - 20% on cost
Franking machine - 20% on cost

Computer equipment, with the exception of the server, is no longer capitalised but is written to the profit and loss account in the year of purchase. The directors feel this represents the true value of the depreciation rate of computer equipment.

Taxation
The company is exempt from corporation tax on it's profits as it's a mutual member organisation. Tax is however paid on the interest earned on the cash held at the bank.

SOUTHERN FARMERS LIMITED (REGISTERED NUMBER: 04029993)

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


2. ACCOUNTING POLICIES - continued

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.

Income and expenditure account
It is the intention of the directors to maintain total reserves at a level informed by an annual assessment of anticipated working capital requirements, risk and general economic conditions.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 14 ) .

4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1st October 2023
and 30th September 2024 161,838
AMORTISATION
At 1st October 2023 16,184
Amortisation for year 32,368
At 30th September 2024 48,552
NET BOOK VALUE
At 30th September 2024 113,286
At 30th September 2023 145,654

SOUTHERN FARMERS LIMITED (REGISTERED NUMBER: 04029993)

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


5. TANGIBLE FIXED ASSETS
Computer Franking
server Photocopier machine Totals
£    £    £    £   
COST
At 1st October 2023 8,370 20,614 5,295 34,279
Disposals - (9,300 ) - (9,300 )
At 30th September 2024 8,370 11,314 5,295 24,979
DEPRECIATION
At 1st October 2023 6,696 13,079 5,295 25,070
Charge for year 1,674 2,263 - 3,937
Eliminated on disposal - (9,300 ) - (9,300 )
At 30th September 2024 8,370 6,042 5,295 19,707
NET BOOK VALUE
At 30th September 2024 - 5,272 - 5,272
At 30th September 2023 1,674 7,535 - 9,209

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 5,361,168 9,389,976
Other debtors 124,639 15,689
5,485,807 9,405,665

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 7,754,551 16,173,349
Taxation and social security 36,841 36,785
Other creditors 40,634 52,995
7,832,026 16,263,129

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 16,500 16,500
Between one and five years - 16,500
16,500 33,000

SOUTHERN FARMERS LIMITED (REGISTERED NUMBER: 04029993)

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


9. RESERVES
Income
and
expenditure Project
account reserve Totals
£    £    £   

At 1st October 2023 1,233,455 148,261 1,381,716
Surplus for the year 148,462 - 148,462
Transfer of costs incurred in the
year

32,368

(32,368

)

-

At 30th September 2024 1,414,285 115,893 1,530,178

The reserves are made up of an Income and expenditure account representing surpluses accumulated over past years and a Project reserve that was established to prepare the company for the cost of a major upgrade of its computerised accounting system.

The Income and expenditure account is an essential component of the day to day operation of the company, a source of liquidity at times when suppliers require payment in advance of the clearance of members' funds and a prudent buffer against unanticipated events. It is also critical on occasion with pricing negotiations, demonstrating the company's financial strength in a way that is necessary to obtain the best terms of trade from members' suppliers. Recent sharp increases in throughputs have stretched the company's capacity to obtain sufficient credit to fund our members' purchases and in consequence the company has found itself requiring more working capital. The board has therefore set a target of increasing the Income and expenditure account to £1.5m as soon as conditions allow.

The work to the accounting system provided for in the Project reserve is complete. We began to amortise its cost on the 1st March 2023 resulting in the transfer to the Income and expenditure account above. The remaining balance on the Project reserve will be transferred in a similar way as the project's cost is amortised over the period to March 2028.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Richard Appleyard FCA (Senior Statutory Auditor)
for and on behalf of GMP Audit Limited, Statutory Auditor

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The non-executive directors of the company maintain membership accounts which are subject to the same terms and conditions as all standard members.

12. SHARE CAPITAL

The company is limited by guarantee and does not have a share capital. Every member has guaranteed a maximum sum of £5.00.