Company registration number 09320867 (England and Wales)
HARRY W CHASE FARMING LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
HARRY W CHASE FARMING LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
HARRY W CHASE FARMING LTD
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
25,000
25,000
Tangible assets
5
5,311,915
5,482,447
5,336,915
5,507,447
Current assets
Stocks
1,108,390
392,690
Debtors
6
48,107
53,752
Cash at bank and in hand
53,981
15,115
1,210,478
461,557
Creditors: amounts falling due within one year
7
(3,600,604)
(3,404,352)
Net current liabilities
(2,390,126)
(2,942,795)
Total assets less current liabilities
2,946,789
2,564,652
Creditors: amounts falling due after more than one year
8
(1,385,776)
(2,489,390)
Provisions for liabilities
(261,628)
(138,521)
Net assets/(liabilities)
1,299,385
(63,259)
Capital and reserves
Called up share capital
10
100
100
Revaluation reserve
1,378,196
Profit and loss reserves
1,299,285
(1,441,555)
Total equity
1,299,385
(63,259)
HARRY W CHASE FARMING LTD
BALANCE SHEET (CONTINUED)
- 2 -
For the financial year ended 31 July 2024 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 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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 24 April 2025 and are signed on its behalf by:
Mrs S K Chase
Mr H W Chase
Director
Director
Company registration number 09320867 (England and Wales)
HARRY W CHASE FARMING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
1
Accounting policies
Company information
Harry W Chase Farming Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Tyrrell's Court, Stretford Bridge, Leominster, Herefordshire, HR6 9DQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets other than goodwill
Intangible assets represents entitlements to land. No amortisation is provided.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
not depreciated, realisable value is equal to or more than carrying value
Plant and equipment
25% net book value
Computers
Enter depreciation rate via StatDB - cd198
Motor vehicles
25% net book value
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.
HARRY W CHASE FARMING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, and loans from associated companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
HARRY W CHASE FARMING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
HARRY W CHASE FARMING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (excluding directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
3
4
Intangible fixed assets
Entitlements
£
Cost
At 1 August 2023 and 31 July 2024
25,000
Amortisation and impairment
At 1 August 2023 and 31 July 2024
Carrying amount
At 31 July 2024
25,000
At 31 July 2023
25,000
HARRY W CHASE FARMING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 7 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 August 2023
5,240,934
898,827
6,139,761
Additions
3,888,488
1,309,554
5,198,042
Disposals
(5,240,934)
(133,500)
(5,374,434)
At 31 July 2024
3,888,488
2,074,881
5,963,369
Depreciation and impairment
At 1 August 2023
240,934
416,380
657,314
Depreciation charged in the year
326,334
326,334
Eliminated in respect of disposals
(240,934)
(91,260)
(332,194)
At 31 July 2024
651,454
651,454
Carrying amount
At 31 July 2024
3,888,488
1,423,427
5,311,915
At 31 July 2023
5,000,000
482,447
5,482,447
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
Land and buildimngs
2024
2023
£
£
Cost
-
3,614,000
Accumulated depreciation
-
(240,934)
Carrying value
-
3,373,066
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
14,890
37,651
Other debtors
33,217
16,101
48,107
53,752
The deferred tax asset relates to accumulated timing differences which are expected to reverse over the next three years.
HARRY W CHASE FARMING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 8 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Trade creditors
86,077
128,731
Amounts owed to group undertakings
992,037
920,083
Taxation and social security
2,408
Other creditors
2,512,490
2,343,130
3,600,604
3,404,352
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,187,498
2,365,248
Other creditors
198,278
124,142
1,385,776
2,489,390
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
(973,897)
1,939,801
9
Loans and overdrafts
2024
2023
£
£
Bank loans
1,197,498
2,375,248
Other loans
52,214
83,332
1,249,712
2,458,580
Payable within one year
62,214
93,332
Payable after one year
1,187,498
2,365,248
The long term loans comprise a mortgage and a Covid bounce back loan. The Covid bounce back loan was received under the government guarantee scheme and is repayable over 6 years.
The mortgage is for a term of 25 years, it comprises of an element that is subject to a fixed rate of interest of 3.56% and an element that is subject to a variable rate being 2% over base rate. The combined advance is secured by a charge over the whole of the company's freehold land and buildings.
HARRY W CHASE FARMING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 9 -
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100