REGISTERED NUMBER: 06891389 (England and Wales)

Financial Statements

for the Year Ended 31st December 2024

for

Foudry Farming Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

1,050,675

920,379

Investments

5

4,910

9,025

1,055,585

929,404

CURRENT ASSETS

Stocks

470,526

422,491

Debtors

6

36,385

23,814

Cash at bank

25,692

45,543

532,603

491,848

CREDITORS

Amounts falling due within one year

7

419,782

264,413

NET CURRENT ASSETS

112,821

227,435

TOTAL ASSETS LESS CURRENT LIABILITIES

1,168,406

1,156,839

CREDITORS

Amounts falling due after more than one year

8

(52,150

)

(141,459

)

PROVISIONS FOR LIABILITIES

(253,099

)

(202,554

)

NET ASSETS

863,157

812,826

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

863,057

812,726

SHAREHOLDERS' FUNDS

863,157

812,826

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2024 in accordance with Section 476 of the Companies Act 2006.

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.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27th March 2025 and were signed on its behalf by:

J L Bryce - Director

A C Hodge - Director

P J Miller - Director

1.	STATUTORY INFORMATION

Foudry Farming Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

06891389

Registered office:

Butlers Lands Farm

Mortimer

Reading

Berkshire

RG7 2AG

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Implements

-

20% on reducing balance, 15% on reducing balance and 10% on reducing balance

Tractors and machinery

-

25% on reducing balance, 20% on reducing balance, 15% on reducing balance and 10% on reducing balance

Motor vehicles

-

15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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 or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Tractors

and

Motor

Implements

machinery

vehicles

Totals

£

£

£

£

COST

At 1st January 2024

22,280

1,540,487

3,995

1,566,762

Additions

-

375,513

-

375,513

Disposals

-

(240,226

)

-

(240,226

)

At 31st December 2024

22,280

1,675,774

3,995

1,702,049

DEPRECIATION

At 1st January 2024

10,269

634,717

1,397

646,383

Charge for year

1,740

170,483

390

172,613

Eliminated on disposal

-

(167,622

)

-

(167,622

)

At 31st December 2024

12,009

637,578

1,787

651,374

NET BOOK VALUE

At 31st December 2024

10,271

1,038,196

2,208

1,050,675

At 31st December 2023

12,011

905,770

2,598

920,379

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Tractors

and

machinery

£

COST

At 1st January 2024

692,033

Additions

191,700

Transfer to ownership

(19,500

)

At 31st December 2024

864,233

DEPRECIATION

At 1st January 2024

188,181

Charge for year

99,792

Transfer to ownership

(5,204

)

At 31st December 2024

282,769

NET BOOK VALUE

At 31st December 2024

581,464

At 31st December 2023

503,852

5.	FIXED ASSET INVESTMENTS

2024

2023

£

£

Other investments not loans

25

25

Other loans

4,885

9,000

4,910

9,025

Additional information is as follows:

Other

investments

£

COST

At 1st January 2024

and 31st December 2024

25

NET BOOK VALUE

At 31st December 2024

25

At 31st December 2023

25

Trinity

Grain

Limited

£

At 1st January 2024

9,000

Repayment in year

(4,115

)

At 31st December 2024

4,885

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

25,783

23,814

Social security and other taxes

10,602

-

36,385

23,814

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

9,839

9,839

Loan - J L Bryce Farms Ltd

87,874

25,331

Loan - P N J Miller Partnership

77,924

22,235

Loan - R D Hodge Partnership

55,833

15,258

Hire purchase contracts

132,808

106,842

Trade creditors

53,504

39,368

Social security and other taxes

-

23,858

Accrued expenses

2,000

21,682

419,782

264,413

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

4,327

14,327

Hire purchase contracts

47,823

127,132

52,150

141,459

9.	RELATED PARTY DISCLOSURES

J L Bryce Farms Ltd

A company in which Mr J L Bryce is a director and shareholder.

At the commencement of trading assets were transferred from J L Bryce Farms Ltd to the company in exchange for a loan. Loan outstanding as at 31st December 2024 £87,874 (2023: £25,332).

The company also charged J L Bryce Farms Ltd £151,962 (2023: £163,352) for contract work undertaken and as at 31st December 2024 the balance outstanding was £490 (2023: £66).

R D Hodge Partnership

A partnership in which Mr A C Hodge is a partner.

At the commencement of trading assets were transferred from R D Hodge Partnership to the company in exchange for a loan. Loan outstanding as at 31st December 2024 £55,833 (2023: £15,258).

The company also charged R D Hodge Partnership £88,309 (2023: £82,770) for contract work undertaken and as at 31st December 2024 the balance outstanding was £4,924 (2023: £156).

P N J Miller Partnership

A partnership in which Mr P J Miller is a partner.

At the commencement of trading assets were transferred from P N J Miller Partnership to the company in exchange for a loan. Loan outstanding as at 31st December 2024 £77,924 (2023: £22,235).

The company also charged P N J Miller Partnership £106,352 (2023: £112,303) for contract work undertaken and as at 31st December 2024 the balance outstanding was £4,176 (2023: £44).

10.	ULTIMATE CONTROLLING PARTY

In the opinion of the Board of Directors, the company is jointly controlled by the family members of the three businesses being J L Bryce Farms Ltd, P N J Miller Partnership and R D Hodge Partnership.