2 28 March 2025 false false false false false false false false false false true false false false false false false No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2024 - FRS102_2024 9,889,669 20,290 3,322,559 13,232,518 13,232,518 9,889,669 xbrli:pure xbrli:shares iso4217:GBP 09439302 2023-03-01 2024-06-30 09439302 2024-06-30 09439302 2023-02-28 09439302 2022-03-01 2023-02-28 09439302 2023-02-28 09439302 2022-02-28 09439302 core:FurnitureFittings 2023-03-01 2024-06-30 09439302 core:MotorVehicles 2023-03-01 2024-06-30 09439302 bus:OrdinaryShareClass1 2023-03-01 2024-06-30 09439302 bus:OrdinaryShareClass2 2023-03-01 2024-06-30 09439302 bus:OrdinaryShareClass3 2023-03-01 2024-06-30 09439302 bus:Director1 2023-03-01 2024-06-30 09439302 core:PlantMachinery 2023-02-28 09439302 core:PlantMachinery 2024-06-30 09439302 core:FurnitureFittings 2024-06-30 09439302 core:PlantMachinery 2023-03-01 2024-06-30 09439302 core:WithinOneYear 2024-06-30 09439302 core:WithinOneYear 2023-02-28 09439302 core:AfterOneYear 2024-06-30 09439302 core:AfterOneYear 2023-02-28 09439302 core:ShareCapital 2024-06-30 09439302 core:ShareCapital 2023-02-28 09439302 core:OtherReservesSubtotal 2024-06-30 09439302 core:OtherReservesSubtotal 2023-02-28 09439302 core:RetainedEarningsAccumulatedLosses 2024-06-30 09439302 core:RetainedEarningsAccumulatedLosses 2023-02-28 09439302 core:HedgingReserve 2023-02-28 09439302 core:HedgingReserve 2022-02-28 09439302 core:HedgingReserve 2024-06-30 09439302 core:HedgingReserve 2023-02-28 09439302 core:CostValuation core:Non-currentFinancialInstruments 2023-02-28 09439302 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2024-06-30 09439302 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2024-06-30 09439302 core:CostValuation core:Non-currentFinancialInstruments 2024-06-30 09439302 core:Non-currentFinancialInstruments 2024-06-30 09439302 core:Non-currentFinancialInstruments 2023-02-28 09439302 core:PlantMachinery 2023-02-28 09439302 bus:SmallEntities 2023-03-01 2024-06-30 09439302 bus:Audited 2023-03-01 2024-06-30 09439302 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-06-30 09439302 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-06-30 09439302 bus:FullAccounts 2023-03-01 2024-06-30 09439302 bus:OrdinaryShareClass1 2024-06-30 09439302 bus:OrdinaryShareClass1 2023-02-28 09439302 bus:OrdinaryShareClass2 2024-06-30 09439302 bus:OrdinaryShareClass2 2023-02-28 09439302 bus:OrdinaryShareClass3 2024-06-30 09439302 bus:OrdinaryShareClass3 2023-02-28 09439302 bus:AllOrdinaryShares 2024-06-30 09439302 bus:AllOrdinaryShares 2023-02-28
COMPANY REGISTRATION NUMBER: 09439302
IVY FARM LIMITED
FILLETED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
30 June 2024
IVY FARM LIMITED
STATEMENT OF FINANCIAL POSITION
30 June 2024
30 Jun 24
28 Feb 23
Note
£
£
Fixed assets
Tangible assets
5
852,437
1,072,529
Investments
6
13,232,518
9,889,669
---------------
---------------
14,084,955
10,962,198
Current assets
Debtors
7
265,822
413,062
Cash at bank and in hand
310,643
-----------
-----------
576,465
413,062
Creditors: amounts falling due within one year
8
1,756,903
1,390,409
--------------
--------------
Net current liabilities
1,180,438
977,347
---------------
---------------
Total assets less current liabilities
12,904,517
9,984,851
Creditors: amounts falling due after more than one year
9
5,098,999
6,413,232
Provisions
1,733,246
766,482
---------------
--------------
Net assets
6,072,272
2,805,137
---------------
--------------
Capital and reserves
Called up share capital
10
100
100
Other reserves
2,599,512
107,593
Profit and loss account
3,472,660
2,697,444
--------------
--------------
Shareholders funds
6,072,272
2,805,137
--------------
--------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
IVY FARM LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 28 March 2025 , and are signed on behalf of the board by:
M F Ahmed
Director
Company registration number: 09439302
IVY FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 1 MARCH 2023 TO 30 JUNE 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 Coulman Street, Thorne, Doncaster, South Yorkshire, DN8 5JT, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The directors make estimates and assumptions about the future. These estimates and assumptions impact recognised assets and liabilities, as well as revenue and expenses and other disclosures. These estimates are based on historical experience and on various assumptions considered reasonable under the prevailing conditions. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. The estimates and assumptions that may have a significant effect on the carrying amounts of assets and liabilities within financial year include: Tangible fixed assets are recognised at cost, less accumulated depreciation and any impairments. Depreciation takes place over the estimated useful life, down to the assessed residual value. The carrying amount of the company's fixed assets is tested as soon as changed conditions show that a need for impairment has arisen. The recoverability of debtors and associated provisioning is considered on a regular basis. When calculating the debtor provision, the directors consider the age of the debts and the
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
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.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20 years Straight line / 20% Reducing balance
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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. 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.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 2 (2023: 4 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1 March 2023
1,616,851
1,616,851
Additions
59,803
20,535
80,338
Disposals
( 348,582)
( 348,582)
--------------
---------
--------------
At 30 June 2024
1,328,072
20,535
1,348,607
--------------
---------
--------------
Depreciation
At 1 March 2023
544,322
544,322
Charge for the period
102,135
2,395
104,530
Disposals
( 152,682)
( 152,682)
--------------
---------
--------------
At 30 June 2024
493,775
2,395
496,170
--------------
---------
--------------
Carrying amount
At 30 June 2024
834,297
18,140
852,437
--------------
---------
--------------
At 28 February 2023
1,072,529
1,072,529
--------------
---------
--------------
6. Investments
Investment Property
£
Cost
At 1 March 2023
9,889,669
Additions
20,290
Revaluations
3,322,559
---------------
At 30 June 2024
13,232,518
---------------
Impairment
At 1 March 2023 and 30 June 2024
---------------
Carrying amount
At 30 June 2024
13,232,518
---------------
At 28 February 2023
9,889,669
---------------
The investment property has been valued by the directors based on valuations and information available on the acquisition of the company.
7. Debtors
30 Jun 24
28 Feb 23
£
£
Trade debtors
126,269
372,341
Other debtors
139,553
40,721
-----------
-----------
265,822
413,062
-----------
-----------
8. Creditors: amounts falling due within one year
30 Jun 24
28 Feb 23
£
£
Bank loans and overdrafts
623,749
955,918
Trade creditors
12
12,456
Amounts owed to group undertakings and undertakings in which the company has a participating interest
716,992
Corporation tax
142,384
Social security and other taxes
87,656
81,718
Other creditors
186,110
340,317
--------------
--------------
1,756,903
1,390,409
--------------
--------------
9. Creditors: amounts falling due after more than one year
30 Jun 24
28 Feb 23
£
£
Bank loans and overdrafts
5,098,999
5,946,581
Other creditors
466,651
--------------
--------------
5,098,999
6,413,232
--------------
--------------
10. Called up share capital
Authorised share capital
30 Jun 24
28 Feb 23
No.
£
No.
£
Ordinary A shares of £ 1 each
50
50
50
50
Ordinary B shares of £ 1 each
40
40
40
40
Ordinary C shares of £ 1 each
10
10
10
10
-----
-----
-----
-----
100
100
100
100
-----
-----
-----
-----
Issued, called up and fully paid
30 Jun 24
28 Feb 23
No.
£
No.
£
Ordinary A shares of £ 1 each
50
50
50
50
Ordinary B shares of £ 1 each
40
40
40
40
Ordinary C shares of £ 1 each
10
10
10
10
-----
-----
-----
-----
100
100
100
100
-----
-----
-----
-----
11. Fair value reserve
The following movements on the fair value reserve are included within other reserves in the statement of changes in equity:
30 Jun 24
28 Feb 23
£
£
At start of period
107,593
116,200
Reclassification from fair value reserve to profit and loss account
2,491,919
(8,607)
--------------
-----------
At end of period
2,599,512
107,593
--------------
-----------
12. Summary audit opinion
The auditor's report dated 28 March 2025 was unqualified .
The senior statutory auditor was ROBERT ANDERSON , for and on behalf of Streets Audit LLP .
13. Related party transactions
Transactions took place with one (2023 - none) related company's during the year. Payments were made on behalf of the company and at the year end, there was an amount of £716,992 (2023 - £Nil) owed to the companies, which is held within creditors. The directors are considered to be key management, with no remuneration being received other than dividends during the current and prior year. No further transactions with related parties were undertaken such as are required to be disclosed under FRS 102.
14. Controlling party
To 6 November 2023 the company was controlled by its former directors. From 6 November 2023 the company was controlled by Chesterfield Poultry Holdings Limited, a company registered in England and Wales.