Caseware UK (AP4) 2024.0.164 2024.0.164 2024-09-302024-09-30536000536000The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.3false2023-10-01falseNo description of principal activity3falsetrue 07013256 2023-10-01 2024-09-30 07013256 2022-10-01 2023-09-30 07013256 2024-09-30 07013256 2023-09-30 07013256 c:Director1 2023-10-01 2024-09-30 07013256 c:Director2 2023-10-01 2024-09-30 07013256 d:Buildings 2023-10-01 2024-09-30 07013256 d:Buildings 2024-09-30 07013256 d:Buildings 2023-09-30 07013256 d:Buildings d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 07013256 d:Buildings d:LongLeaseholdAssets 2023-10-01 2024-09-30 07013256 d:Buildings d:LongLeaseholdAssets 2024-09-30 07013256 d:Buildings d:LongLeaseholdAssets 2023-09-30 07013256 d:Buildings d:ShortLeaseholdAssets 2023-10-01 2024-09-30 07013256 d:MotorVehicles 2023-10-01 2024-09-30 07013256 d:MotorVehicles 2024-09-30 07013256 d:MotorVehicles 2023-09-30 07013256 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 07013256 d:FurnitureFittings 2023-10-01 2024-09-30 07013256 d:FurnitureFittings 2024-09-30 07013256 d:FurnitureFittings 2023-09-30 07013256 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 07013256 d:ComputerEquipment 2023-10-01 2024-09-30 07013256 d:ComputerEquipment 2024-09-30 07013256 d:ComputerEquipment 2023-09-30 07013256 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 07013256 d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 07013256 d:PatentsTrademarksLicencesConcessionsSimilar 2023-10-01 2024-09-30 07013256 d:PatentsTrademarksLicencesConcessionsSimilar 2024-09-30 07013256 d:PatentsTrademarksLicencesConcessionsSimilar 2023-09-30 07013256 d:LeaseholdInvestmentProperty 2024-09-30 07013256 d:LeaseholdInvestmentProperty 2023-09-30 07013256 d:CurrentFinancialInstruments 2024-09-30 07013256 d:CurrentFinancialInstruments 2023-09-30 07013256 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 07013256 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 07013256 d:ShareCapital 2024-09-30 07013256 d:ShareCapital 2023-09-30 07013256 d:InvestmentPropertiesRevaluationReserve 2023-10-01 2024-09-30 07013256 d:InvestmentPropertiesRevaluationReserve 2024-09-30 07013256 d:InvestmentPropertiesRevaluationReserve 2023-09-30 07013256 d:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 07013256 d:RetainedEarningsAccumulatedLosses 2024-09-30 07013256 d:RetainedEarningsAccumulatedLosses 2023-09-30 07013256 c:FRS102 2023-10-01 2024-09-30 07013256 c:AuditExempt-NoAccountantsReport 2023-10-01 2024-09-30 07013256 c:FullAccounts 2023-10-01 2024-09-30 07013256 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 07013256 d:AcceleratedTaxDepreciationDeferredTax 2024-09-30 07013256 d:AcceleratedTaxDepreciationDeferredTax 2023-09-30 07013256 d:OtherDeferredTax 2024-09-30 07013256 d:OtherDeferredTax 2023-09-30 07013256 2 2023-10-01 2024-09-30 07013256 e:PoundSterling 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure
Registered number: 07013256















FRESTON FARMING LTD

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
FRESTON FARMING LTD
 

CONTENTS



Page
Statement of financial position
 
1 - 2
Notes to the financial statements
 
3 - 11


 
FRESTON FARMING LTD
REGISTERED NUMBER:07013256

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
401,042
510,966

Investment property
 6 
200,000
200,000

  
601,042
710,966

Current assets
  

Stocks
  
28,752
27,432

Debtors: amounts falling due within one year
 7 
46,516
39,627

Cash at bank and in hand
  
103,069
91,516

  
178,337
158,575

Creditors: amounts falling due within one year
 8 
(161,458)
(250,862)

Net current assets/(liabilities)
  
 
 
16,879
 
 
(92,287)

Total assets less current liabilities
  
617,921
618,679

Provisions for liabilities
  

Deferred tax
 9 
(47,892)
(59,249)

  
 
 
(47,892)
 
 
(59,249)

Net assets
  
570,029
559,430


Capital and reserves
  

Called up share capital 
  
100
100

Investment property reserve
 10 
25,920
25,920

Profit and loss account
 10 
544,009
533,410

  
570,029
559,430


Page 1

 
FRESTON FARMING LTD
REGISTERED NUMBER:07013256
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 income statement 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 on 25 March 2025.




................................................
O W Paul
................................................
K A Paul
Director
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
FRESTON FARMING LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Freston Farming Limited is a company limited by shares incorporated in England within the United Kingdom. The address of the registered office is Freston Lodge, Freston, Ipswich, Suffolk, IP9 1AE.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

Turnover 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 turnover 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

Turnover 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 turnover 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

 
FRESTON FARMING LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.3

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.4

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

Depreciation is provided on the following basis:

Property improvements
-
15% reducing balance and 2% straight line
Holiday Cottage
-
2% straight line
Motor vehicles
-
25% reducing balance
Fixtures & fittings
-
15% reducing balance
Computer equipment
-
25% reducing balance

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.

 
2.5

Investment property

Investment property is carried at fair value determined annually by the directors. No depreciation is provided. Changes in fair value are recognised in the Income statement.

 
2.6

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.

 
2.7

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.

Page 4

 
FRESTON FARMING LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

 
2.9

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.

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.12

Interest income

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

Page 5

 
FRESTON FARMING LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.



3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
2
2



Employees
1
1

3
3

Page 6

 
FRESTON FARMING LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


Intangible assets




BPS entitlements

£





At 1 October 2023
5,675


Disposals
(5,675)



At 30 September 2024

-





At 1 October 2023
5,675


On disposals
(5,675)



At 30 September 2024

-



Net book value



At 30 September 2024
-



At 30 September 2023
-



Page 7

 
FRESTON FARMING LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Tangible fixed assets





Property imps
Holiday cottages
Motor vehicles
Fixtures & fittings
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 October 2023
113,201
412,730
90,354
109,420
3,411
729,116


Additions
870
-
-
1,351
-
2,221



At 30 September 2024

114,071
412,730
90,354
110,771
3,411
731,337



Depreciation


At 1 October 2023
51,479
42,855
67,603
53,764
2,449
218,150


Charge for the year on owned assets
5,478
87,852
5,688
12,886
241
112,145



At 30 September 2024

56,957
130,707
73,291
66,650
2,690
330,295



Net book value



At 30 September 2024
57,114
282,023
17,063
44,121
721
401,042



At 30 September 2023
61,722
369,875
22,751
55,656
962
510,966

Page 8

 
FRESTON FARMING LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6.


Investment property


Investment property

£



Valuation


At 1 October 2023
200,000



At 30 September 2024
200,000

The 2024 valuations were made by the directors, on an open market value for existing use basis.

2024
2023
£
£

Revaluation reserves


At 1 October 2023
25,920
25,920

At 30 September 2024
25,920
25,920



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
168,000
168,000

168,000
168,000


7.


Debtors

2024
2023
£
£


Trade debtors
5,939
8,276

Other debtors
13,007
13,017

Prepayments and accrued income
27,570
18,334

46,516
39,627


Page 9

 
FRESTON FARMING LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
37,604
56,815

Corporation tax
33,009
12,704

Other taxation and social security
2,543
358

Other creditors
72,451
161,864

Accruals and deferred income
15,851
19,121

161,458
250,862



9.


Deferred taxation




2024


£






At beginning of year
59,249


Charged to profit or loss
(11,357)



At end of year
47,892

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
39,892
51,249

Fair value movements
8,000
8,000

47,892
59,249


10.


Reserves

Investment property revaluation reserve

The investment property revaluation reserve includes all current and prior period revaluations on investment properties where the fair value of a property differs to its original cost.

Profit & loss account

The profit and loss account includes all current and prior period retained profits and losses.

Page 10

 
FRESTON FARMING LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

11.


Pension commitments

The company operates a defined contributions pension scheme. The pension cost charge represents contributions payable by the company to the fund and amounted to £40,000 (2023 - £40,000). These payments are made at the discretion of the company. 


12.


Controlling party

The company is jointly controlled by O W Paul and Mrs K A Paul due to their 100% shareholding. 

 
Page 11