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Registration number: 01359311

G.R. Hallifield Farmers Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

G.R. Hallifield Farmers Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

G.R. Hallifield Farmers Limited

Company Information

Directors

Mr G R Hallifield

Mrs EM Hallifield

Company secretary

Mrs EM Hallifield

Registered office

Bank House Farm
90 Main Street
Repton
Derby
Derbyshire
DE65 6FB

Accountants

Buckler Spencer Limited
Old Police Station
Church Street
Swadlincote
Derbyshire
DE11 8LN

 

G.R. Hallifield Farmers Limited

(Registration number: 01359311)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

2,943,398

2,909,305

Current assets

 

Stocks

6

2,245,550

2,052,669

Debtors

7

356,318

133,816

Investments

8

100

100

Cash at bank and in hand

 

7

8

 

2,601,975

2,186,593

Creditors: Amounts falling due within one year

9

(2,040,007)

(1,618,299)

Net current assets

 

561,968

568,294

Total assets less current liabilities

 

3,505,366

3,477,599

Creditors: Amounts falling due after more than one year

9

(1,477,121)

(1,579,665)

Provisions for liabilities

(77,000)

(99,500)

Net assets

 

1,951,245

1,798,434

Capital and reserves

 

Called up share capital

10

409,000

409,000

Share premium reserve

269,100

269,100

Retained earnings

1,273,145

1,120,334

Shareholders' funds

 

1,951,245

1,798,434

 

G.R. Hallifield Farmers Limited

(Registration number: 01359311)
Balance Sheet as at 31 March 2024

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 March 2025 and signed on its behalf by:
 

.........................................
Mr G R Hallifield
Director

 

G.R. Hallifield Farmers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Bank House Farm
90 Main Street
Repton
Derby
Derbyshire
DE65 6FB

These financial statements were authorised for issue by the Board on 26 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

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 taxable income.

 

G.R. Hallifield Farmers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land & Buildings

2% straight line on buildings

Plant & Machinery

25% Straight line

Motor Vehicles

25% Straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% Straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

G.R. Hallifield Farmers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

G.R. Hallifield Farmers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Reedeemable cumulative preference shares are split between equity and liability elements based on the deemed market rate of return.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

G.R. Hallifield Farmers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

8,640

8,640

At 31 March 2024

8,640

8,640

Amortisation

At 1 April 2023

8,640

8,640

At 31 March 2024

8,640

8,640

Carrying amount

At 31 March 2024

-

-

5

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

2,950,566

795,169

672,661

4,418,396

Additions

28,486

105,000

51,103

184,589

Disposals

-

(33,500)

(16,638)

(50,138)

At 31 March 2024

2,979,052

866,669

707,126

4,552,847

Depreciation

At 1 April 2023

428,163

472,408

608,520

1,509,091

Charge for the year

41,322

59,049

50,125

150,496

Eliminated on disposal

-

(33,500)

(16,638)

(50,138)

At 31 March 2024

469,485

497,957

642,007

1,609,449

Carrying amount

At 31 March 2024

2,509,567

368,712

65,119

2,943,398

At 31 March 2023

2,522,403

322,761

64,141

2,909,305

Included within the net book value of land and buildings above is £2,509,567 (2023 - £2,522,402) in respect of freehold land and buildings.
 

 

G.R. Hallifield Farmers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Stocks

2024
£

2023
£

Other inventories

2,245,550

2,052,669

7

Debtors

Current

2024
£

2023
£

Trade debtors

255,077

86,815

Prepayments

37,537

5,914

Other debtors

63,704

41,087

 

356,318

133,816

8

Current asset investments

2024
£

2023
£

Shares in group undertakings

100

100

The company owns 100% of the shares in a subsidiary undertaking called Bendalls Farm Ltd. The subsidiaries year end is 30th June and shares the same registered office as the entity.

 

G.R. Hallifield Farmers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

944,440

766,102

Trade creditors

 

455,528

368,607

Taxation and social security

 

58,349

40,850

Accruals and deferred income

 

230,523

137,700

Other creditors

 

351,167

305,040

 

2,040,007

1,618,299

The accruals and deferred income figure includes £60,000 of accumulated dividends on the redeemable preference shares and £40,000 interest on the redeemable preference shares.

 

G.R. Hallifield Farmers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

1,477,121

1,579,665

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

Preference of £1 each

408,000

408,000

408,000

408,000

409,000

409,000

409,000

409,000

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,457,121

1,559,665

Other borrowings

20,000

20,000

1,477,121

1,579,665

Current loans and borrowings

2024
£

2023
£

Bank borrowings

183,473

181,076

Bank overdrafts

275,377

149,679

Hire purchase contracts

76,490

60,747

Redeemable preference shares

272,000

272,000

Other borrowings

137,100

102,600

944,440

766,102