| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED |
| 30 SEPTEMBER 2024 |
| FOR |
| HATLEY PARK FARMS LIMITED |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED |
| 30 SEPTEMBER 2024 |
| FOR |
| HATLEY PARK FARMS LIMITED |
| HATLEY PARK FARMS LIMITED (REGISTERED NUMBER: 01132903) |
| 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 |
| HATLEY PARK FARMS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 10 Jesus Lane |
| Cambridge |
| Cambridgeshire |
| CB5 8BA |
| HATLEY PARK FARMS LIMITED (REGISTERED NUMBER: 01132903) |
| BALANCE SHEET |
| 30 SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 11 |
| Investments revaluation |
| reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| HATLEY PARK FARMS LIMITED (REGISTERED NUMBER: 01132903) |
| BALANCE SHEET - continued |
| 30 SEPTEMBER 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| HATLEY PARK FARMS LIMITED (REGISTERED NUMBER: 01132903) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Hatley Park Farms Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Revenue recognition |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Turnover is adjusted for the opening and closing valuation of harvested crops. |
| Revenue from sale of goods is recognised when goods are delivered and legal title has passed. |
| Tangible fixed assets |
| Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases: |
| Security equipment 1 year, straight line basis |
| Grain drying plant 10 years, straight line basis |
| Drainage works 10 years, straight line basis |
| Plant and machinery 8 years, straight line basis |
| Tractors and combines 8 years, straight line basis |
| Motor vehicles 7 years, straight line basis |
| Office equipment 3 years, straight line basis |
| At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks. Cost includes all production costs of growing and harvested crops. |
| Financial instruments |
| Basic financial assets and basic financial liabilities as defined under section 11 of FRS 102, including trade and other debtors, trade and other creditors, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
| HATLEY PARK FARMS LIMITED (REGISTERED NUMBER: 01132903) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Pension costs and other post-retirement benefits |
| The company operates defined contribution pension schemes for farm and management employees. Contributions payable for the year are charged in the profit and loss account. |
| The company also grants an ex gratia pension to an ex management employee. This pension is recognised in the profit and loss account of the period in which it is granted. |
| Operating leases |
| Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 5. | TANGIBLE FIXED ASSETS |
| Grain |
| Property | Security | drying | Drainage |
| improvements | equipment | plant | works |
| £ | £ | £ | £ |
| COST |
| At 1 October 2023 |
| Additions |
| Disposals |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| Eliminated on disposal |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| HATLEY PARK FARMS LIMITED (REGISTERED NUMBER: 01132903) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 5. | TANGIBLE FIXED ASSETS - continued |
| Tractors |
| Plant and | and | Motor | Office |
| machinery | combines | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 October 2023 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Tractors |
| Plant and | and |
| machinery | combines | Totals |
| £ | £ | £ |
| COST |
| At 1 October 2023 |
| and 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 6. | FIXED ASSET INVESTMENTS |
| Other |
| investments |
| £ |
| COST OR VALUATION |
| At 1 October 2023 |
| Revaluations |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| HATLEY PARK FARMS LIMITED (REGISTERED NUMBER: 01132903) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 6. | FIXED ASSET INVESTMENTS - continued |
| Cost or valuation at 30 September 2024 is represented by: |
| Other |
| investments |
| £ |
| Valuation in 2019 | 276 |
| Valuation in 2020 | (158 | ) |
| Valuation in 2021 | 74 |
| Valuation in 2022 | (14 | ) |
| Valuation in 2023 | 81 |
| Valuation in 2024 | 58 |
| 317 |
| The listed investments were valued on a market value basis on 30 September 2024 by the director . |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors | ( |
) |
| VAT |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Hire purchase contracts |
| Trade creditors |
| Social security and other taxes |
| Other creditors |
| Director's current account | 11,295 | 10,755 |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Other creditors | 300,000 | 300,000 |
| Other creditors represent 300,000 £1 Preference Shares issued at par. These shares are entitled to a fixed, cumulative, preferred dividend calculated at the Interest Rate on the Issue Price. The preferred dividend shall be paid in cash on 30th September 2023 and yearly thereafter. All unpaid arrears and accruals of the deferred dividend shall be paid on the date of exit. The Interest Rate is the base rate of National Westminster Bank PLC less 2%, subject to a minimum of 0.1%. The exit date means a share sale or disposal. |
| 10. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 119,339 | 132,443 |
| HATLEY PARK FARMS LIMITED (REGISTERED NUMBER: 01132903) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 10. | PROVISIONS FOR LIABILITIES - continued |
| Deferred |
| tax |
| £ |
| Balance at 1 October 2023 |
| Provided during year | ( |
) |
| Charge/(credit) for the year |
| Balance at 30 September 2024 |
| Deferred tax is recognised in respect of the excess of capital allowances over depreciation. |
| 11. | CALLED UP SHARE CAPITAL |
| Allotted and issued: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary shares | £1 | 50,100 | 50,100 |
| 12. | OTHER FINANCIAL COMMITMENTS |
| At 30 September 2024 the company had a total commitment under a non cancellable operating lease over the remaining life of that lease of £58,795 (2023 £58,795). |