FROST FARMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 SEPTEMBER 2024
Company Registration Number: 01264856
FROST FARMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 10
FROST FARMS LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024
DIRECTORS
N R Frost
R H Frost
SECRETARY
N R Frost
REGISTERED OFFICE
Draycott Moor Farm
Southmoor
Abingdon
Oxon
OX13 5JA
COMPANY REGISTRATION NUMBER
01264856 England and Wales
FROST FARMS LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
Notes 2024 2023
£ £
FIXED ASSETS
Tangible assets 5 227,154 135,862
Investments 6 2,208,273 2,208,273
2,435,427 2,344,135
CURRENT ASSETS
Stock 198,057 201,135
Debtors 7 207,182 171,573
Investments 456,009 467,222
Cash at bank and in hand 853,212 852,288
1,714,460 1,692,218
CREDITORS: Amounts falling due within one year 8 316,570 290,537
NET CURRENT ASSETS 1,397,890 1,401,681
TOTAL ASSETS LESS CURRENT LIABILITIES 3,833,317 3,745,816
CREDITORS: Amounts falling due after more than one year 9 541,123 517,520
Provisions for liabilities and charges 175,884 153,061
NET ASSETS 3,116,310 3,075,235
CAPITAL AND RESERVES
Called up share capital 30,200 30,200
Distributable profit and loss account 2,728,824 2,687,749
Non distributable profit and loss account 357,286 357,286
SHAREHOLDERS' FUNDS 3,116,310 3,075,235
FROST FARMS LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
N R Frost R H Frost
Director Director
Date approved by the board: 6 April 2025
FROST FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1 GENERAL INFORMATION
Frost Farms Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
Draycott Moor Farm
Southmoor
Abingdon
Oxon
OX13 5JA
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable and represents the sale of agricultural produce, stated net of trade discounts and value added tax.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
Farm improvements Fully depreciated at 1 October 1998
Plant, machinery and equipment Reducing balance basis 15-33% per annum
Motor vehicles Reducing balance basis 25% per annum
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
FROST FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs.
Subsequently, investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in the profit and loss account in the period in which they arise.
Investments
Current asset investments are shown at fair value and revalued annually with any surplus or deficit dealt with through the profit and loss account.
Listed investments are shown at fair value and revalued annually with any surplus or deficit dealt with through the profit and loss account.
Investments in subsidiaries are shown at cost less accumulated impairment losses.
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting 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 amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
FROST FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
Stocks are assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less cost to complete and sell. If an item of stock, or group of similar items, is impaired its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
Stock
Stock has been valued at the lower of cost and estimated selling price less cost to complete and sell, after making due allowance for obsolete and slow-moving items. Cost comprises the cost of goods purchased valued on a first in first out basis.
The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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 subsequently at amortised cost, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
FROST FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Deferred tax relating to land and investment properties that is measured at fair value is measured using the tax rates and allowances that apply to the sale of the asset.
Current and deferred tax assets and liabilities are not discounted.
Pensions
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.
Consolidation
The company is a parent company subject to the small companies regime. The company and its subsidiary comprise a small group. The company has therefore taken advantage of the option provided by section 399 of the Companies Act 2006 not to prepare group accounts.
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The directors have made key assumptions in determination of the fair value of its investment properties in respect of the state of the property market in the location where the properties are situated and in respect of the range of reasonable fair value estimates of these assets.
FROST FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
4 EMPLOYEES
The average number of persons employed by the company (including directors) during the year was:
2024 2023
Average number of employees 3 3
5 TANGIBLE ASSETS
Farm improvements Plant, machinery and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 October 2023 52,078 574,071 7,500 633,649
Additions - 125,577 - 125,577
Disposals - (55,718) - (55,718)
At 30 September 2024 52,078 643,930 7,500 703,508
Accumulated depreciation and impairments
At 1 October 2023 52,078 438,300 7,409 497,787
Charge for year - 25,382 23 25,405
Disposals - (46,838) - (46,838)
At 30 September 2024 52,078 416,844 7,432 476,354
Net book value
At 1 October 2023 - 135,771 91 135,862
At 30 September 2024 - 227,086 68 227,154
FROST FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
6 FIXED ASSET INVESTMENTS
Other investments Investment properties Total
£ £ £
Cost
At 1 October 2023 1,497,473 710,800 2,208,273
At 30 September 2024 1,497,473 710,800 2,208,273
Net book value
At 1 October 2023 1,497,473 710,800 2,208,273
At 30 September 2024 1,497,473 710,800 2,208,273
In the opinion of the directors, all investment properties have been stated at fair value.
7 DEBTORS
2024 2023
£ £
Prepayments and accrued income 4,592 4,629
Other debtors 202,590 166,944
207,182 171,573
8 CREDITORS: Amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 45,539 18,174
Taxation and social security 21,746 13,604
Accruals and deferred income 38,107 37,230
Other creditors 211,178 221,529
316,570 290,537
9 CREDITORS: Amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 541,123 517,520
Included in the amounts falling due after more than one year are the following amounts which are due in more
than five years:
2024 2023
£ £
Bank loans and overdrafts 390,593 431,243
FROST FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
10 RELATED PARTY TRANSACTIONS
The company has claimed exemptions from reporting disclosure of related party transactions with the following wholly owned group members:
Frilford Farms Limited Subsidiary
During the year, the following transactions with related parties took place:
N R Frost
Director and shareholder 2024 2023
£ £
Advances to company The director has made advances to the company which are repayable on demand. No interest has been charged on these advances. At the year end, the company owed the director the following amount: 92,634 14,636
R H Frost
Director and shareholder 2024 2023
£ £
Advances to company The director has made advances to the company which are repayable on demand. No interest has been charged on these advances. At the year end, the company owed the director the following amount: 38,544 206,893
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