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Registered number: 05387926
SKELTON FARMING LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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SKELTON FARMING LIMITED
REGISTERED NUMBER: 05387926
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Investment property reserve
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SKELTON FARMING LIMITED
REGISTERED NUMBER: 05387926
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024
The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 June 2025.
The notes on pages 3 to 10 form part of these financial statements.
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SKELTON FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Skelton Farming Limited is a private company (05387926) limited by shares incorporated in England and Wales. The registered office is Estate Office, North Terrace, Skelton, Saltburn-by-the-Sea, North Yorkshire, TS12 2ES.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax.
Turnover is recognised once the company has transferred the significant risks and rewards of ownership to the buyer. Subsidy income is recognised in accordance with 2.12 below.
Grants are accounted for under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and loss account in the same period as the related expenditure.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.
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SKELTON FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
Intangible assets consist of basic payment scheme entitlements and are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Amortisation is calculated so as to write off the cost of assets over their useful economic life.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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SKELTON FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
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Revaluation of tangible fixed assets
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Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
Investment property is carried at fair value determined annually by an internal land agent and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
Biological assets, living plants and animals are included at the lower of cost and estimated selling price less costs to sell.
Basic payment scheme income is recognised on receipt.
Stewardship income and the Sustainable Farming incentive are recognised when the the conditions for their receipt have been met and there is a reasonable assurance that the subsidy will be received.
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The average monthly number of employees, including directors, during the year was 8 (2023 - 9).
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SKELTON FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Transfers between classes
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Charge for the year on owned assets
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Transfers between classes
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SKELTON FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
4.Tangible fixed assets (continued)
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Transfers between classes
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Charge for the year on owned assets
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Transfers between classes
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The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
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SKELTON FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Investments in subsidiary companies
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Freehold investment property
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Transfers between classes
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The 2024 valuations were made by the company secretary, who is registered with RICS, on an open market value for existing use basis.
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Net deficit in movement properties
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SKELTON FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
6.Investment property (continued)
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If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
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Raw materials and consumables
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Amounts owed by group undertakings
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Prepayments and accrued income
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SKELTON FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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The hire purchase agreements are secured against the assets to which they relate to. The amount outstanding at 30 September 2024 is £201,775 (2023: £65,941).
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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Preference shares treated as debt
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The hire purchase agreements are secured against the assets to which they relate to. The amount oustanding at 30 September 2024 is £131,495 (2023: £199,937).
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