Registered number
03211844
Hill Farm Nurseries Limited
Filleted Accounts
31 January 2025
Hill Farm Nurseries Limited
Registered number: 03211844
Balance Sheet
as at 31 January 2025
Notes 2025 2024
Fixed assets
Intangible assets 3 1 1
Tangible assets 4 676,611 678,146
676,612 678,147
Current assets
Stocks 133,086 115,526
Debtors 5 29,447 22,624
Cash at bank and in hand 604,808 748,826
767,341 886,976
Creditors: amounts falling due within one year 6 (238,865) (288,172)
Net current assets 528,476 598,804
Total assets less current liabilities 1,205,088 1,276,951
Creditors: amounts falling due after more than one year 7 (190,547) (213,924)
Net assets 1,014,541 1,063,027
Capital and reserves
Called up share capital 10,000 10,000
Profit and loss account 1,004,541 1,053,027
Shareholders' funds 1,014,541 1,063,027
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.
R P Taylor
Director
Approved by the board on 20 May 2025
Hill Farm Nurseries Limited
Notes to the Accounts
for the year ended 31 January 2025
1 Accounting policies
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.
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 2% reducing balance
Plant and machinery 15% - 25% reducing balance
Motor vehicles 25% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2025 2024
Number Number
Average number of persons employed by the company 24 24
3 Intangible fixed assets
Goodwill:
Cost
At 1 February 2024 6,001
At 31 January 2025 6,001
Amortisation
At 1 February 2024 6,000
At 31 January 2025 6,000
Net book value
At 31 January 2025 1
At 31 January 2024 1
Goodwill has been fully written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
Cost
At 1 February 2024 930,878 181,056 288,780 1,400,714
Additions - 1,548 45,500 47,048
Disposals - (182) - (182)
At 31 January 2025 930,878 182,422 334,280 1,447,580
Depreciation
At 1 February 2024 359,424 159,130 204,014 722,568
Charge for the year 11,430 4,576 32,567 48,573
On disposals - (172) - (172)
At 31 January 2025 370,854 163,534 236,581 770,969
Net book value
At 31 January 2025 560,024 18,888 97,699 676,611
At 31 January 2024 571,454 21,926 84,766 678,146
5 Debtors 2025 2024
Trade debtors 1,527 818
Deferred tax asset 21,868 16,223
Other debtors 6,052 5,583
29,447 22,624
Amounts due after more than one year included above 21,868 16,223
6 Creditors: amounts falling due within one year 2025 2024
Obligations under finance lease and hire purchase contracts 5,779 5,779
Trade creditors 111,735 119,915
Taxation and social security costs 85,382 103,861
Other creditors 35,969 58,617
238,865 288,172
7 Creditors: amounts falling due after one year 2025 2024
Obligations under finance lease and hire purchase contracts 26,480 32,259
Other creditors 164,067 181,665
190,547 213,924
8 Loans 2025 2024
Creditors include:
Secured hire purchase contract 32,259 38,037
The hire purchase contracts are secured on certain assets owned by the company.
9 Controlling party
R P Taylor is the controlling party.
10 Other information
Hill Farm Nurseries Limited is a private company limited by shares and incorporated in England. Its registered office is:
Hill Farm Nurseries
Normanton
Southwell
Nottinghamshire
NG25 0PR
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