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REGISTERED NUMBER: 06402184 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 August 2024

for

Grooby Farming Limited

Grooby Farming Limited (Registered number: 06402184)

Contents of the Financial Statements
for the Year Ended 31 August 2024










Page

Company information 1

Chartered accountants' report 2

Statement of financial position 3 to 4

Notes to the financial statements 5 to 8


Grooby Farming Limited

Company Information
for the Year Ended 31 August 2024







Directors: Mrs A Grooby
Mr H Grooby





Secretary: Mrs A Grooby





Registered office: Bank House
Broad street
Spalding
Lincolnshire
PE11 1TB





Business address: Little Duke Farm
Deeping St Nicholas
Spalding
Lincolnshire
PE11 3DL





Registered number: 06402184 (England and Wales)





Accountants: Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Grooby Farming Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Report of the directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Grooby Farming Limited for the year ended 31 August 2024 which comprise the Statement of income and retained earnings, Statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Grooby Farming Limited, as a body, in accordance with the terms of our engagement letter dated 5 December 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Grooby Farming Limited and state those matters that we have agreed to state to the Board of Directors of Grooby Farming Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Grooby Farming Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Grooby Farming Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Grooby Farming Limited. You consider that Grooby Farming Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Grooby Farming Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB


13 May 2025

Grooby Farming Limited (Registered number: 06402184)

Statement of Financial Position
31 August 2024

2024 2023
Notes £    £    £   
Fixed assets
Tangible assets 5 577,416 594,167

Current assets
Stocks 118,893 95,559
Debtors 6 48,582 29,410
Cash at bank 122,154 262,438
289,629 387,407
Creditors
Amounts falling due within one year 7 23,133 43,907
Net current assets 266,496 343,500
Total assets less current liabilities 843,912 937,667

Creditors
Amounts falling due after more than one
year

8

(22,012

)

(24,272

)

Provisions for liabilities (23,563 ) (27,193 )
Net assets 798,337 886,202

Capital and reserves
Called up share capital 9 100 100
Retained earnings 798,237 886,102
Shareholders' funds 798,337 886,202

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Grooby Farming Limited (Registered number: 06402184)

Statement of Financial Position - continued
31 August 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 May 2025 and were signed on its behalf by:





Mr H Grooby - Director


Grooby Farming Limited (Registered number: 06402184)

Notes to the Financial Statements
for the Year Ended 31 August 2024


1. Statutory information

Grooby Farming Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared on the historical cost basis.

Farm support income

Monies received and receivable from the Rural Payments Agency in respect of the Basic Payment Scheme are recognised as other operating income in the period to which they relate.

Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Grooby Farming Limited (Registered number: 06402184)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024


3. Accounting policies - continued

Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - Not depreciated
Plant and machinery - 25% on reducing balance and 15% on a straight line basis
Motor vehicles - 25% on reducing balance
Office equipment - 25% on reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Grooby Farming Limited (Registered number: 06402184)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024


3. Accounting policies - continued

Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employees and directors

The average number of employees during the year was 2 (2023 - 2 ) .

5. Tangible fixed assets
Freehold Plant and Motor Office
property machinery vehicles equipment Totals
£    £    £    £    £   
Cost
At 1 September 2023 476,466 319,437 6,700 2,828 805,431
Additions - 9,366 5,000 320 14,686
At 31 August 2024 476,466 328,803 11,700 3,148 820,117
Depreciation
At 1 September 2023 - 205,403 4,285 1,576 211,264
Charge for year - 29,190 1,854 393 31,437
At 31 August 2024 - 234,593 6,139 1,969 242,701
Net book value
At 31 August 2024 476,466 94,210 5,561 1,179 577,416
At 31 August 2023 476,466 114,034 2,415 1,252 594,167

6. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 380 19,088
Other debtor 7,500 5,000
Director loan accounts 35,134 -
Prepayments and accrued income 5,568 5,322
48,582 29,410

Grooby Farming Limited (Registered number: 06402184)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024


7. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans and overdrafts 672 3,430
Trade creditors 2,754 700
Taxation and social security 9,419 31,833
Other creditors 10,288 7,944
23,133 43,907

Included within creditors above and below are amounts due in relation to a bank loan, which is secured against freehold land held by the company.

8. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Bank loans 22,012 24,272

9. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary shares £1 100 100

10. Directors' advances, credits and guarantees

As at 31st August 2024, the total amount owed to the company by the directors stands at £35,134. Additionally, as of 31st August 2023, the company owed the directors £3,169 concerning their current account.

Interest was charged on any overdrawn loan balances at a rate of 2.25%.