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Registered number: 07055923
Fernhill Farms Ltd
Unaudited Financial Statements
For The Year Ended 28 February 2025
mca business ltd
4 - 6 The Wharf Centre
Wharf Street
Warwick
Warwickshire
CV34 5LB
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07055923
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 501,451 473,843
501,451 473,843
CURRENT ASSETS
Stocks 5 677,250 486,675
Debtors 6 146,370 205,821
Cash at bank and in hand 492,595 451,843
1,316,215 1,144,339
Creditors: Amounts Falling Due Within One Year 7 (523,726 ) (512,872 )
NET CURRENT ASSETS (LIABILITIES) 792,489 631,467
TOTAL ASSETS LESS CURRENT LIABILITIES 1,293,940 1,105,310
Creditors: Amounts Falling Due After More Than One Year 8 (110,954 ) (29,589 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (38,644 ) (38,644 )
NET ASSETS 1,144,342 1,037,077
CAPITAL AND RESERVES
Called up share capital 10 330 330
Profit and Loss Account 1,144,012 1,036,747
SHAREHOLDERS' FUNDS 1,144,342 1,037,077
Page 1
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For the year ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr William Lombard
Director
23/04/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Fernhill Farms Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07055923 . The registered office is 4 - 6 The Wharf Centre, Wharf Street, Warwick, Warwickshire, CV34 5LB.
The presentation currency of the financial statements is the Pound Sterling (£).
All monetary amounts are rounded to the nearest pound.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 10% reducing balance
Leasehold 10% reducing balance
Plant & Machinery 10% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 15% reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2024: 3)
4 3
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 March 2024 22,000 320,946 318,032 2,508 663,486
Additions - 146,760 - - 146,760
Disposals - (7,000 ) (76,000 ) - (83,000 )
As at 28 February 2025 22,000 460,706 242,032 2,508 727,246
Depreciation
As at 1 March 2024 16,584 66,298 105,222 1,539 189,643
Provided during the period 542 28,375 19,438 97 48,452
Disposals - 2,100 (14,400 ) - (12,300 )
As at 28 February 2025 17,126 96,773 110,260 1,636 225,795
Net Book Value
As at 28 February 2025 4,874 363,933 131,772 872 501,451
As at 1 March 2024 5,416 254,648 212,810 969 473,843
5. Stocks
2025 2024
£ £
Stock 677,250 486,675
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6. Debtors
2025 2024
£ £
Due within one year
Trade debtors 98,940 181,656
VAT 47,430 24,165
146,370 205,821
7. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 16,854 22,180
Trade creditors 51,179 34,801
Bank loans and overdrafts 10,023 7,116
Corporation tax 30,672 3,627
Other creditors 3,980 3,980
Directors Loan Account 2 25,794 45,923
Accruals and deferred income 346,372 348,724
Directors' loan accounts 38,852 46,521
523,726 512,872
8. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 91,091 -
Bank loans 19,863 29,589
110,954 29,589
9. Obligations Under Finance Leases and Hire Purchase
2025 2024
£ £
The future minimum finance lease payments are as follows:
Not later than one year 16,854 22,180
Later than one year and not later than five years 91,091 -
107,945 22,180
107,945 22,180
10. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 330 330
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