REGISTERED NUMBER: |
Financial Statements for the Year Ended 30th June 2024 |
for |
Little Staughton Farms Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Regent's Court |
Princess Street |
Hull |
East Yorkshire |
HU2 8BA |
SOLICITORS: |
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 |
Investment property | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Investments | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 11 |
Capital reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 were approved by the Board of Directors and authorised for issue on |
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 |
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 land | Nil |
Land and buildings | 2% on cost, 2.5% on cost, 10% on cost |
Plant and machinery | Between 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 |
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 |
AMORTISATION |
At 1st July 2023 |
and 30th June 2024 |
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 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 30th June 2024 |
DEPRECIATION |
At 1st July 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30th June 2024 |
NET BOOK VALUE |
At 30th June 2024 |
At 30th June 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st July 2023 |
Revaluations | 50,000 |
At 30th June 2024 |
NET BOOK VALUE |
At 30th June 2024 |
At 30th June 2023 |
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 |
Directors' loan accounts | 817,473 | - |
VAT |
Prepayments and accrued income |
8. | CURRENT ASSET INVESTMENTS |
2024 | 2023 |
£ | £ |
Other |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other loans |
Hire purchase contracts (see note 10) |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Directors' loan accounts | - | 91,482 |
Accruals and deferred income |
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 |
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 |
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 |
2024 | 2023 |
£ | £ |
Rent paid | - | - |
Amounts due (to)/ from related parties | 817,473 | (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. |