| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 30th September 2024 |
| for |
| Nafferton Wold Farms Limited |
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 30th September 2024 |
| for |
| Nafferton Wold Farms Limited |
| Nafferton Wold Farms Limited (Registered number: 03241005) |
| Contents of the Financial Statements |
| for the year ended 30th September 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Nafferton Wold Farms Limited |
| Company Information |
| for the year ended 30th September 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Regent's Court |
| Princess Street |
| Hull |
| East Yorkshire |
| HU2 8BA |
| Nafferton Wold Farms Limited (Registered number: 03241005) |
| Balance Sheet |
| 30th September 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Investments | 7 |
| Cash at bank |
| 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 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| 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. |
| Nafferton Wold Farms Limited (Registered number: 03241005) |
| Balance Sheet - continued |
| 30th September 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Nafferton Wold Farms Limited (Registered number: 03241005) |
| Notes to the Financial Statements |
| for the year ended 30th September 2024 |
| 1. | STATUTORY INFORMATION |
| Nafferton Wold Farms Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared in accordance with applicable accounting standards including Section 1A of Financial Reporting Standard 102 The Financial Reporting Standard in the UK and Republic of Ireland (FRS102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historic cost convention. |
| The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. Turnover is recognised when the economic risks and rewards pass to third parties. |
| Intangible assets |
| Basic Payment Scheme entitlements are initially recognised at cost and are amortised on a straight line basis over their expected useful life. At the reporting date, the entitlements had been fully amortised. The Basic Payment Scheme commenced in 2015 and ceased during the 2022 year end accounting period. |
| Entitlements acquired via the ownership of existing land, and therefore having no cost, have been revalued to fair value on the transition to FRS 102 and amortised over their expected useful life, in accordance with the above period of benefit expected from the Basic Payment Scheme. |
| Provision is made for any impairment. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Land | - nil |
| Buildings | - 4% on cost |
| Plant and machinery etc | - between 3 and 10 years |
| Stocks |
| Stocks, including biological assets, are stated at the lower of cost and net realisable value. Cost is determined using the first-in, first-out (FIFO) method and represents costs incurred to date to bring growing crops and finished produce to its current state. Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses. |
| Current & deferred tax |
| Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current and past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 and other future taxable profits. |
| Nafferton Wold Farms Limited (Registered number: 03241005) |
| Notes to the Financial Statements - continued |
| for the year ended 30th September 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Government grants |
| The company receives government grants in respect of the Basic Payment Scheme, under the Common Agricultural Policy. These grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the performance model. |
| Government grants received in respect of fixed assets are released to the profit and loss account in equal annual amounts over the estimated useful economic lives of the specific asset they relate to. |
| Other government grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate to. |
| Investments |
| Unlisted investments are recognised at cost less any provision for impairment. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| assets |
| £ |
| COST |
| At 1st October 2023 |
| Disposals | ( |
) |
| At 30th September 2024 |
| AMORTISATION |
| At 1st October 2023 |
| Eliminated on disposal | ( |
) |
| At 30th September 2024 |
| NET BOOK VALUE |
| At 30th September 2024 |
| At 30th September 2023 |
| Nafferton Wold Farms Limited (Registered number: 03241005) |
| Notes to the Financial Statements - continued |
| for the year ended 30th September 2024 |
| 5. | TANGIBLE FIXED ASSETS |
| Freehold | Long |
| property | leasehold | Equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1st October 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30th September 2024 |
| DEPRECIATION |
| At 1st October 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30th September 2024 |
| NET BOOK VALUE |
| At 30th September 2024 |
| At 30th September 2023 |
| 6. | DEBTORS |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Other debtors |
| Amounts owed by connected |
| companies | 2,075,273 | 1,393,060 |
| Prepayments and accrued income |
| Amounts falling due after more than one year: |
| Amounts owed by connected |
| companies |
| Aggregate amounts |
| 7. | CURRENT ASSET INVESTMENTS |
| 2024 | 2023 |
| £ | £ |
| Unlisted investments | 13 | 13 |
| Nafferton Wold Farms Limited (Registered number: 03241005) |
| Notes to the Financial Statements - continued |
| for the year ended 30th September 2024 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Tax |
| Other creditors |
| Accruals and deferred income |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans - 1-2 years |
| Bank loans - 2-5 years |
| Bank loans over 5 years |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans over 5 years | 1,459,976 | 1,080,096 |
| 10. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| 11. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| The loans are secured against all current and future assets that the company holds. |
| 12. | CAPITAL COMMITMENTS |
| 2024 | 2023 |
| £ | £ |
| Contracted but not provided for in the |
| financial statements |
| Nafferton Wold Farms Limited (Registered number: 03241005) |
| Notes to the Financial Statements - continued |
| for the year ended 30th September 2024 |
| 13. | RELATED PARTY DISCLOSURES |
| Other related parties |
| 2024 | 2023 |
| £ | £ |
| Amounts due from related parties | 4,215,049 | 4,561,496 |