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REGISTERED NUMBER: 04254596 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

CONGHAM FARMS LIMITED

CONGHAM FARMS LIMITED (REGISTERED NUMBER: 04254596)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CONGHAM FARMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTORS: M M Mason
Mrs K A Mason
E M Mason
H W Mason





SECRETARY: Mrs K A Mason





REGISTERED OFFICE: The Farmhouse
Pond Farm
Congham
King's Lynn
Norfolk
PE32 1DR





REGISTERED NUMBER: 04254596 (England and Wales)





ACCOUNTANTS: Wheelers
Chartered Accountants & Tax Consultants
27-29 Old Market
Wisbech
Cambridgeshire
PE13 1NE

CONGHAM FARMS LIMITED (REGISTERED NUMBER: 04254596)

BALANCE SHEET
30 SEPTEMBER 2024

30.9.24 30.9.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 3,176,532 3,183,240
Investments 6 15 15
3,176,547 3,183,255

CURRENT ASSETS
Stocks 786,679 821,421
Debtors 7 51,866 67,041
Cash at bank 125,180 91,286
963,725 979,748
CREDITORS
Amounts falling due within one year 8 661,961 712,209
NET CURRENT ASSETS 301,764 267,539
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,478,311

3,450,794

CREDITORS
Amounts falling due after more than one
year

9

(41,657

)

(60,524

)

PROVISIONS FOR LIABILITIES (44,200 ) (43,250 )
NET ASSETS 3,392,454 3,347,020

CAPITAL AND RESERVES
Called up share capital 146,000 148,439
Other reserves 2,564,253 2,564,253
Retained earnings 682,201 634,328
3,392,454 3,347,020

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

CONGHAM FARMS LIMITED (REGISTERED NUMBER: 04254596)

BALANCE SHEET - continued
30 SEPTEMBER 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 16 June 2025 and were signed on its behalf by:





M M Mason - Director


CONGHAM FARMS LIMITED (REGISTERED NUMBER: 04254596)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. STATUTORY INFORMATION

Congham Farms 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. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

The directors believe that the company is well placed to manage its financial risks successfully and have reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable future. Consequently, it continues to adopt the going concern basis of accounting in preparing the annual financial statements.

Turnover
Turnover represents the value of crops sold based on the date of produce movement, excluding value added tax, during the year. Farming grants are recognised on a receipts basis.

Intangible fixed assets
Sugar beet quota and Entitlements are amortised over their estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Improvements to property - 15% on reducing balance and 5% on cost
Plant and machinery - 20% reducing balance and 15% on reducing balance
Office equipment - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

The directors consider that freehold properties are maintained in such a state of repair that their residual value is at least equal to their net book value. As a result, the corresponding depreciation would not be material and therefore is not charged in the profit and loss account.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 balance sheet date.


CONGHAM FARMS LIMITED (REGISTERED NUMBER: 04254596)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Pension costs and other post-retirement benefits
The company operates a small self administered pension scheme for the benefit of its directors. Contributions payable for the year are charged in the profit and loss account.

3. EMPLOYEES AND DIRECTORS

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

4. INTANGIBLE FIXED ASSETS
Sugar
beet
quota Entitlements Totals
£    £    £   
COST
At 1 October 2023
and 30 September 2024 7,892 585 8,477
AMORTISATION
At 1 October 2023
and 30 September 2024 7,892 585 8,477
NET BOOK VALUE
At 30 September 2024 - - -
At 30 September 2023 - - -

CONGHAM FARMS LIMITED (REGISTERED NUMBER: 04254596)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 October 2023 2,945,223 302,001 711,625
Additions - - 44,000
Disposals - - (30,132 )
At 30 September 2024 2,945,223 302,001 725,493
DEPRECIATION
At 1 October 2023 - 212,989 575,490
Charge for year - 12,009 27,967
Eliminated on disposal - - (19,306 )
At 30 September 2024 - 224,998 584,151
NET BOOK VALUE
At 30 September 2024 2,945,223 77,003 141,342
At 30 September 2023 2,945,223 89,012 136,135

Office Motor Computer
equipment vehicles equipment Totals
£    £    £    £   
COST
At 1 October 2023 2,236 47,614 17,864 4,026,563
Additions 662 5,500 4,353 54,515
Disposals - (25,000 ) (9,417 ) (64,549 )
At 30 September 2024 2,898 28,114 12,800 4,016,529
DEPRECIATION
At 1 October 2023 956 38,878 15,010 843,323
Charge for year 59 2,171 2,516 44,722
Eliminated on disposal - (19,411 ) (9,331 ) (48,048 )
At 30 September 2024 1,015 21,638 8,195 839,997
NET BOOK VALUE
At 30 September 2024 1,883 6,476 4,605 3,176,532
At 30 September 2023 1,280 8,736 2,854 3,183,240

CONGHAM FARMS LIMITED (REGISTERED NUMBER: 04254596)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 October 2023
and 30 September 2024 15
NET BOOK VALUE
At 30 September 2024 15
At 30 September 2023 15

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade debtors - 2,999
Other debtors 51,866 64,042
51,866 67,041

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Bank loans and overdrafts 19,034 18,484
Trade creditors 207,775 226,602
Taxation and social security 41,447 74,265
Other creditors 393,705 392,858
661,961 712,209

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.9.24 30.9.23
£    £   
Bank loans 41,657 60,524

10. SECURED DEBTS

The following secured debts are included within creditors:

30.9.24 30.9.23
£    £   
Bank loans 60,691 79,008

The bank overdraft and loans are secured by way of first charge in favour of Barclays Bank plc over land owned by the company.

CONGHAM FARMS LIMITED (REGISTERED NUMBER: 04254596)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

11. PREFERENCE SHARES

Details of shares shown as liabilities are as follows:

Allotted, issued and fully paid 30.09.24 30.09.23
£ £

200,000 5% redeemable cumulative preference shares of £1 each 100,000 97,561
As at 30 September 2024 100,000 97,561


The 5% redeemable cumulative preference shares are classified as compound financial instruments, which have the characteristics of both debt and equity and may be redeemed at the option of the company at par.

The debt element is the net present value of the liability relating to the future dividend stream and has been calculated using an equivalent rate of 10.00%, being the directors estimate of the cost of capital.

Debt Equity
Element Element Total

5% redeemable cumulative preference shares 100,000 100,000 200,000
As at 30 September 2024 100,000 100,000 200,000