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Registered number: 00356690










GRABY FARM, LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2024

 
GRABY FARM, LIMITED
REGISTERED NUMBER: 00356690

BALANCE SHEET
AS AT 5 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible fixed assets
 4 
432,081
502,066

Investments
 5 
550
550

  
432,631
502,616

Current assets
  

Stocks
  
43,220
80,923

Debtors: amounts falling due within one year
 6 
385,109
387,481

Bank and cash balances
  
975,786
848,229

  
1,404,115
1,316,633

Creditors: amounts falling due within one year
 7 
(164,164)
(167,517)

Net current assets
  
 
 
1,239,951
 
 
1,149,116

Total assets less current liabilities
  
1,672,582
1,651,732

Creditors: amounts falling due after more than one year
 8 
-
(24,594)

  

Net assets
  
1,672,582
1,627,138


Capital and reserves
  

Called up share capital 
  
2,666
2,666

Share premium account
  
2,334
2,334

Profit and loss account
  
1,667,582
1,622,138

  
1,672,582
1,627,138


Page 1

 
GRABY FARM, LIMITED
REGISTERED NUMBER: 00356690
    
BALANCE SHEET (CONTINUED)
AS AT 5 APRIL 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr A Dodds
Director

Date: 30 March 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
GRABY FARM, LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024

1.


General information

Graby Farm Limited (“the Company”) is a private company limited by shares, incorporated in England and Wales under the Companies Act.
The registered number and address of the registered office is given in the company information. 
The functional and presentational currency of the Company is pounds sterling (£) and rounded to the nearest whole pound. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
GRABY FARM, LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024

2.Accounting policies (continued)

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either the straight line or reducing balance method.

Depreciation is provided on the following basis:

Land and buildings
-
2%
on a straight line basis
Implements and machinery
-
25%
on a reducing balance basis
Tractors
-
25%
on a reducing balance basis
Combines
-
25%
on a reducing balance basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
GRABY FARM, LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024

2.Accounting policies (continued)

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
GRABY FARM, LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024

2.Accounting policies (continued)

 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:
at fair value with changes recognised in the Statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 6

 
GRABY FARM, LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 4).


4.


Tangible fixed assets





Land and buildings
Implements and machinery
Tractors
Combine
Total

£
£
£
£
£



Cost


At 6 April 2023
92,686
167,893
725,658
289,993
1,276,230


Additions
-
59,150
-
-
59,150


Disposals
-
(24,000)
-
-
(24,000)



At 5 April 2024

92,686
203,043
725,658
289,993
1,311,380



Depreciation


At 6 April 2023
36,443
145,365
369,746
222,610
774,164


Charge for the year on owned assets
1,539
20,420
88,978
16,846
127,783


Disposals
-
(22,648)
-
-
(22,648)



At 5 April 2024

37,982
143,137
458,724
239,456
879,299



Net book value



At 5 April 2024
54,704
59,906
266,934
50,537
432,081



At 5 April 2023
56,243
22,528
355,912
67,383
502,066


5.


Fixed asset investments





Unlisted investments

£



Valuation


At 6 April 2023
550



At 5 April 2024
550




Page 7

 
GRABY FARM, LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024

6.


Debtors

2024
2023
£
£


Other debtors
77,556
38,068

Prepayments and accrued income
307,553
349,413

385,109
387,481



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
30,098
3,676

Corporation tax
34,746
47,992

Other taxation and social security
19,312
-

Obligations under finance lease and hire purchase contracts
58,085
91,567

Other creditors
18,923
22,187

Accruals and deferred income
3,000
2,095

164,164
167,517


Net obligations under finance lease and hire purchase contracts due within one year of £58,085 (2023: £91,567) are secured against the assets to which they relate. 


8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
-
24,594

-
24,594


Net obligations under finance lease and hire purchase contracts due after more than one year of £nil (2023: £24,594) are secured against the assets to which they relate. 

Page 8

 
GRABY FARM, LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024

9.


Related party transactions

During the year transactions took place with a director. At the year end £9,000 (2023: £8,000) was
due to a director. This balance is included within other creditors.
During the year transactions took place with a second director. At the year end £9,000 (2023: £8,000)
was due to a director. This balance is included within other creditors.
During the year transactions took place with a third director. At the year end £923 (2023: £923) was
due to a director. This balance is included within other creditors.
During the year transactions took place with JB Dodds, a partnership in which the directors control. At the year end £77,556 was owed by JB Dodds (2023: £5,264 owed to JB Dodds) . 
All balances are unsecured, interest free and repayable on demand.
 

 
Page 9