Furrowland Holdings Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 07588038

Furrowland Holdings Limited

Filleted Unaudited Financial Statements

For the year ended

31 May 2024

Furrowland Holdings Limited

Statement of Financial Position

31 May 2024

	2024		2023
			(restated)
Note	£	£	£

Fixed assets

Tangible assets	4	3,209,142	3,414,271
Investments	5	2,607,149	1,010,000
		-------------	-------------
		5,816,291	4,424,271

Current assets

Stocks		38,000	52,855
Debtors	6	432,398	949,060
Cash at bank and in hand		54,875	120,569
		----------	-------------
		525,273	1,122,484

Creditors: amounts falling due within one year	7	906,940		474,965
		----------		-------------
Net current (liabilities)/assets			( 381,667)	647,519
			-------------	-------------
Total assets less current liabilities			5,434,624	5,071,790

Creditors: amounts falling due after more than one year	8		193,879	350,075

Provisions	424,283	448,893
	-------------	-------------
Net assets	4,816,462	4,272,822
	-------------	-------------

Capital and reserves

Called up share capital	100	100
Share premium account	9,950	9,950
Profit and loss account	4,806,412	4,262,772
	-------------	-------------
Shareholders funds	4,816,462	4,272,822
	-------------	-------------

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 income and retained earnings has not been delivered.

For the year ending 31 May 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 financial statements for the year in question in accordance with section 476 ;

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

Furrowland Holdings Limited

Statement of Financial Position (continued)

31 May 2024

These financial statements were approved by the board of directors and authorised for issue on 27 March 2025 , and are signed on behalf of the board by:

A Arden	B M Arden
Director	Director

Company registration number: 07588038

Furrowland Holdings Limited

Notes to the Financial Statements

Year ended 31 May 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 Manor Farm, Newton on Trent, Lincoln, LN1 2JP.

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.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

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 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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Freehold buildings	-	2% straight line
Combined heat and power unit	-	5% straight line
Specialist vegetable facility	-	8% straight line
Wind turbines	-	5% straight line

Solar panels	-	5% straight line
Office equipment	-	20% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

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

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Tangible assets

	Freehold property	Combined heat and power unit	Specialist vegetable facility	Wind turbines & solar panels	Office equipment	Total
	£	£	£	£	£	£
Cost
At 1 Jun 2023 (as restated)	1,501,226	500,234	1,635,515	2,898,590	2,669	6,538,234
Additions	–	–	–	–	916	916
	-------------	----------	-------------	-------------	-------	-------------
At 31 May 2024	1,501,226	500,234	1,635,515	2,898,590	3,585	6,539,150
	-------------	----------	-------------	-------------	-------	-------------
Depreciation
At 1 Jun 2023	271,241	147,993	1,527,865	1,175,447	1,417	3,123,963
Charge for the year	24,866	25,012	10,733	144,929	505	206,045
	-------------	----------	-------------	-------------	-------	-------------
At 31 May 2024	296,107	173,005	1,538,598	1,320,376	1,922	3,330,008
	-------------	----------	-------------	-------------	-------	-------------
Carrying amount
At 31 May 2024	1,205,119	327,229	96,917	1,578,214	1,663	3,209,142
	-------------	----------	-------------	-------------	-------	-------------
At 31 May 2023	1,229,985	352,241	107,650	1,723,143	1,252	3,414,271
	-------------	----------	-------------	-------------	-------	-------------

5. Investments

	Shares in group undertakings	Other investments other than loans	Total
	£	£	£
Cost
At 1 June 2023 as restated	10,000	1,000,000	1,010,000
Additions	–	1,597,149	1,597,149
	---------	-------------	-------------
At 31 May 2024	10,000	2,597,149	2,607,149
	---------	-------------	-------------
Impairment
At 1 June 2023 as restated and 31 May 2024	–	–	–
	---------	-------------	-------------

Carrying amount
At 31 May 2024	10,000	2,597,149	2,607,149
	---------	-------------	-------------
At 31 May 2023	10,000	1,000,000	1,010,000
	---------	-------------	-------------

6. Debtors

	2024	2023
		(restated)
	£	£
Trade debtors	253,519	249,512
Other debtors	178,879	699,548
	----------	----------
	432,398	949,060
	----------	----------

7. Creditors: amounts falling due within one year

	2024	2023
		(restated)
	£	£
Bank loans and overdrafts	152,475	247,505
Trade creditors	96,344	54,032
Corporation tax	200,426	117,163
Other creditors	457,695	56,265
	----------	----------
	906,940	474,965
	----------	----------

8. Creditors: amounts falling due after more than one year

	2024	2023
		(restated)
	£	£
Bank loans and overdrafts	193,879	350,075
	----------	----------

Included within creditors: amounts falling due after more than one year is an amount of £43,944 (2023: £60,074) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

The bank loans and overdraft are secured.

9. Prior period errors

Amendments are required to the investment income accruing on investments in the prior year. The impact of the restatement has been to decrease the investments in the balance sheet by £62,981, decrease the tax liability position by £12,598 and decrease the profit and loss reserve account by £50,383 .

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2024	2023
		(restated)
	£	£
Not later than 1 year	57,629	57,629
Later than 1 year and not later than 5 years	230,518	230,518
Later than 5 years	58,007	115,636
	----------	----------
	346,154	403,783
	----------	----------

11. Related party transactions

At 31 May 2024 the company owed Furrowland Limited £160,000 (2023:Nil). The company owes The Chirpy Egg Company Limited of £240,000 (2023: £500,000 The Chirpy Egg Compnay Limited owed Furrowland Holdings Limited ). Both A Arden and B M Arden are directors of the company. Interest is charged on the loan. The company has also made a loan to We are Wildings Limited (formally Locklands Torksey Limited) of £54,250 (2023: £101,000). Both A Arden and B M Arden are directors of the company. Interest is charged on the loan.