Registered number
11733213
Little Knowle Farm Ltd
Unaudited Filleted Accounts
31 December 2024
Little Knowle Farm Ltd
Registered number: 11733213
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 25,365 28,032
Tangible assets 4 1,130,376 956,408
1,155,741 984,440
Current assets
Stocks 22,800 13,200
Debtors 5 52,117 65,454
Cash at bank and in hand 14,725 16,031
89,642 94,685
Creditors: amounts falling due within one year 6 (1,051,327) (961,163)
Net current liabilities (961,685) (866,478)
Total assets less current liabilities 194,056 117,962
Creditors: amounts falling due after more than one year 7 (362,806) (276,994)
Net liabilities (168,750) (159,032)
Capital and reserves
Called up share capital 100 100
Profit and loss account (168,850) (159,132)
Shareholders' funds (168,750) (159,032)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The 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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P. Scullard
Director
Approved by the board on 14 May 2025
Little Knowle Farm Ltd
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Going concern
The company has retained losses of £168,850 (2023 - £159,132) and net current liabilities of £961,685 (2023 - £866,478). However the company's most significant creditors are its directors and shareholders. They will not seek repayment of the money owed to them until the company has sufficient free cash reserves. They have also given an undertaking to support the company for a period of not less then twelve months from the date of the approval of these accounts.

The going concern accounting convention has therefore been adopted.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 5% straight-line
Plant and machinery 25% to 33% straight-line
Fixtures, fittings, tools and equipment 25% straight-line
Freehold land is not depreciated.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. 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 (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. 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 future taxable profits. Deferred tax is measured using the 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2024 40,000
At 31 December 2024 40,000
Amortisation
At 1 January 2024 11,968
Provided during the year 2,667
At 31 December 2024 14,635
Net book value
At 31 December 2024 25,365
At 31 December 2023 28,032
Goodwill is being written off in equal annual instalments over its estimated economic life of 15 years.
4 Tangible fixed assets
Land and buildings Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 January 2024 974,895 148,357 73,660 1,196,912
Additions 229,095 8,713 - 237,808
At 31 December 2024 1,203,990 157,070 73,660 1,434,720
Depreciation
At 1 January 2024 91,745 114,542 34,217 240,504
Charge for the year 37,166 18,722 7,952 63,840
At 31 December 2024 128,911 133,264 42,169 304,344
Net book value
At 31 December 2024 1,075,079 23,806 31,491 1,130,376
At 31 December 2023 883,150 33,815 39,443 956,408
5 Debtors 2024 2023
£ £
Deferred tax asset 52,117 48,419
Other debtors - 17,035
52,117 65,454
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 46,078 42,074
Taxation and social security costs 3,857 569
Other creditors 1,001,392 918,520
1,051,327 961,163
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 362,806 276,994
8 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 204,876 237,394
Secured bank loans 400,000 304,128
The business mortgage is secured by a fixed charge over the freehold land and buildings owned by the company, as well as a fixed and floating charge over all other assets owned by the company.
9 Controlling party
The company is controlled by P. Scullard and T.D. Scullard, who are its directors and shareholders.
10 Other information
Little Knowle Farm Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Litte Knowle Farm
High Bickington
Umberleigh
Devon
EX37 9BJ
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