Silverfin false false 30/09/2024 01/10/2023 30/09/2024 J G Banfield 03/03/2021 R G Onken 22/04/2025 10/08/2020 M H Quintiliano 10/08/2020 C Scott 10/08/2020 O Thorsen 10/08/2020 K R Watson 10/08/2020 K R Williams 28/03/2011 26 June 2025 The principal activity of the company is to engage in strategic consultancy to clients in the food and farming sectors; commissioned research and development projects focused on sustainable food production; and commercial farming operations. International consultancy included activity in Brazil, China and throughout the EU. 04131435 2024-09-30 04131435 bus:Director1 2024-09-30 04131435 bus:Director2 2024-09-30 04131435 bus:Director3 2024-09-30 04131435 bus:Director4 2024-09-30 04131435 bus:Director5 2024-09-30 04131435 bus:Director6 2024-09-30 04131435 bus:Director7 2024-09-30 04131435 2023-09-30 04131435 core:CurrentFinancialInstruments 2024-09-30 04131435 core:CurrentFinancialInstruments 2023-09-30 04131435 core:ShareCapital 2024-09-30 04131435 core:ShareCapital 2023-09-30 04131435 core:SharePremium 2024-09-30 04131435 core:SharePremium 2023-09-30 04131435 core:RetainedEarningsAccumulatedLosses 2024-09-30 04131435 core:RetainedEarningsAccumulatedLosses 2023-09-30 04131435 core:Goodwill 2023-09-30 04131435 core:Goodwill 2024-09-30 04131435 core:LeaseholdImprovements 2023-09-30 04131435 core:PlantMachinery 2023-09-30 04131435 core:Vehicles 2023-09-30 04131435 core:OfficeEquipment 2023-09-30 04131435 core:ComputerEquipment 2023-09-30 04131435 core:LeaseholdImprovements 2024-09-30 04131435 core:PlantMachinery 2024-09-30 04131435 core:Vehicles 2024-09-30 04131435 core:OfficeEquipment 2024-09-30 04131435 core:ComputerEquipment 2024-09-30 04131435 core:CostValuation 2023-09-30 04131435 core:CostValuation 2024-09-30 04131435 5 2024-09-30 04131435 5 2023-09-30 04131435 bus:OrdinaryShareClass1 2024-09-30 04131435 core:WithinOneYear 2024-09-30 04131435 core:WithinOneYear 2023-09-30 04131435 core:BetweenOneFiveYears 2024-09-30 04131435 core:BetweenOneFiveYears 2023-09-30 04131435 2023-10-01 2024-09-30 04131435 bus:FilletedAccounts 2023-10-01 2024-09-30 04131435 bus:SmallEntities 2023-10-01 2024-09-30 04131435 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 04131435 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 04131435 bus:Director1 2023-10-01 2024-09-30 04131435 bus:Director2 2023-10-01 2024-09-30 04131435 bus:Director3 2023-10-01 2024-09-30 04131435 bus:Director4 2023-10-01 2024-09-30 04131435 bus:Director5 2023-10-01 2024-09-30 04131435 bus:Director6 2023-10-01 2024-09-30 04131435 bus:Director7 2023-10-01 2024-09-30 04131435 core:Goodwill core:TopRangeValue 2023-10-01 2024-09-30 04131435 core:Goodwill 2023-10-01 2024-09-30 04131435 core:LeaseholdImprovements core:TopRangeValue 2023-10-01 2024-09-30 04131435 core:PlantMachinery 2023-10-01 2024-09-30 04131435 core:Vehicles 2023-10-01 2024-09-30 04131435 core:OfficeEquipment 2023-10-01 2024-09-30 04131435 core:ComputerEquipment core:TopRangeValue 2023-10-01 2024-09-30 04131435 2022-10-01 2023-09-30 04131435 core:LeaseholdImprovements 2023-10-01 2024-09-30 04131435 core:ComputerEquipment 2023-10-01 2024-09-30 04131435 core:Subsidiary1 2023-10-01 2024-09-30 04131435 core:Subsidiary1 1 2023-10-01 2024-09-30 04131435 core:Subsidiary1 1 2022-10-01 2023-09-30 04131435 core:Subsidiary2 2023-10-01 2024-09-30 04131435 core:Subsidiary2 1 2023-10-01 2024-09-30 04131435 core:Subsidiary2 1 2022-10-01 2023-09-30 04131435 core:Subsidiary3 2023-10-01 2024-09-30 04131435 core:Subsidiary3 1 2023-10-01 2024-09-30 04131435 core:Subsidiary3 1 2022-10-01 2023-09-30 04131435 bus:OrdinaryShareClass1 2023-10-01 2024-09-30 04131435 bus:OrdinaryShareClass1 2022-10-01 2023-09-30 04131435 1 2023-10-01 2024-09-30 04131435 1 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure decimalUnit xbrli:shares

Company No: 04131435 (England and Wales)

FAI FARMS LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2024
Pages for filing with the registrar

FAI FARMS LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

FAI FARMS LIMITED

BALANCE SHEET

As at 30 September 2024
FAI FARMS LIMITED

BALANCE SHEET (continued)

As at 30 September 2024
Note 2024 2023
£ £
Restated - note 2
Fixed assets
Intangible assets 4 87,500 100,000
Tangible assets 5 121,991 141,876
Investments 6 50,655 50,655
260,146 292,531
Current assets
Stocks 7 434,293 394,600
Debtors 8 1,359,407 2,162,040
Cash at bank and in hand 1,573,814 2,156,022
3,367,514 4,712,662
Creditors: amounts falling due within one year 9 ( 1,236,069) ( 2,765,748)
Net current assets 2,131,445 1,946,914
Total assets less current liabilities 2,391,591 2,239,445
Net assets 2,391,591 2,239,445
Capital and reserves
Called-up share capital 10 1,001,001 1,001,001
Share premium account 4,582,758 4,582,758
Profit and loss account ( 3,192,168 ) ( 3,344,314 )
Total shareholder's funds 2,391,591 2,239,445

For the financial year ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of FAI Farms Limited (registered number: 04131435) were approved and authorised for issue by the Board of Directors on 26 June 2025. They were signed on its behalf by:

J G Banfield
Director
FAI FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
FAI FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

FAI Farms Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Barn, Wytham, Oxford, OX2 8QJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Leasehold improvements 10 years straight line
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Office equipment 15 % reducing balance
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Fixed asset investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2. Prior year adjustment

A change in accounting policy was made in respect of revenue recognition. A prior period adjustment has been entered in the accounts and comparatives have been restated as follows:

As previously reported Adjustment As restated
Year ended 30 September 2023 £ £ £
Goodwill and amortisation recognition adjustment 2023 0 100,000 100,000
Opening reserves as at 1 October 2023 3,319,314 25,000 3,344,314
Investments - Shares in group undertaking movements 2023 175,655 (125,000) 50,655

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 37 40

4. Intangible assets

Goodwill Total
£ £
Cost
At 01 October 2023 125,000 125,000
At 30 September 2024 125,000 125,000
Accumulated amortisation
At 01 October 2023 25,000 25,000
Charge for the financial year 12,500 12,500
At 30 September 2024 37,500 37,500
Net book value
At 30 September 2024 87,500 87,500
At 30 September 2023 100,000 100,000

5. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Office equipment Computer equipment Total
£ £ £ £ £ £
Cost
At 01 October 2023 979,008 875,819 16,041 14,423 76,761 1,962,052
Additions 0 1,307 9,150 631 5,737 16,825
Disposals 0 ( 10,700) ( 8,000) 0 ( 999) ( 19,699)
At 30 September 2024 979,008 866,426 17,191 15,054 81,499 1,959,178
Accumulated depreciation
At 01 October 2023 952,594 794,520 5,709 10,627 56,726 1,820,176
Charge for the financial year 3,317 12,114 3,196 613 11,519 30,759
Disposals 0 ( 9,670) ( 3,246) 0 ( 832) ( 13,748)
At 30 September 2024 955,911 796,964 5,659 11,240 67,413 1,837,187
Net book value
At 30 September 2024 23,097 69,462 11,532 3,814 14,086 121,991
At 30 September 2023 26,414 81,299 10,332 3,796 20,035 141,876

6. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 October 2023 50,655
At 30 September 2024 50,655
Carrying value at 30 September 2024 50,655
Carrying value at 30 September 2023 50,655

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
30.09.2024
Ownership
30.09.2023
Videntis AS Malmoyveien 34B, Oslo Provision of software for training management in the aquaculture industry Ordinary Shares 100.00% 100.00%
Project X Global Limited 10 Queen Street Place, London Environmental consulting activities Ordinary Shares 0.96% 0.96%
FAIBR Consultaria e Treinamento Agricola LTDA Estrada Velha Irere, S/N, Fazenda Santa Marta, Londrina, Brazil Agronomy and consultancy services for agricultural and livestock activities Ordinary Shares 99.00% 99.00%
Ambrose Fox Ltd The Barn, Wytham, Oxford Non-trading company Ordinary Shares 100.00% 100.00%

7. Stocks

2024 2023
£ £
Stocks 148,858 0
Raw materials 75,885 86,560
Livestock 209,550 308,040
434,293 394,600

There are no material differences between the replacement cost of stock and the Balance Sheet amounts.

8. Debtors

2024 2023
£ £
Trade debtors 139,503 1,068,338
Amounts owed by Group undertakings 132,669 89,391
Deferred tax asset 82,785 100,908
Corporation tax 130,000 229,166
Other debtors 874,450 674,237
1,359,407 2,162,040

9. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 163,164 398,535
Amounts owed to Group undertakings 0 157,108
Accruals and deferred income 1,054,591 2,001,424
Other taxation and social security 1,085 180,313
Other creditors 17,229 28,368
1,236,069 2,765,748

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,001,001 Ordinary shares of £ 1.00 each 1,001,001 1,001,001

11. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 12,474 42,433
between one and five years 34,304 46,778
46,778 89,211

The above commitments are in respect of premises lease agreements.

12. Events after the Balance Sheet date

FAI Farms Limited has an investment in Project X Global Limited, which is currently undergoing striking off procedures and this will likely result in a potential £50,400 to be written off in the next financial period.

Ambrose Fox Limited, a subsidiary company of FAI Farms Limited, was dissolved on 18 February 2025. The carrying value of the investment held at the balance sheet date is £nil and therefore will have no financial implications in the next financial period.

The immediate parent company at the balance sheet date (FAI Farms Holdings Ltd) has since been renamed to Endeavour Newco 12 Limited and is now wholly owned by FAI Farms Holdings Ltd (formerly Endeavour Newco 123 Limited). Therefore, at the date of filing the immediate parent company is Endeavour Newco 12 Limited and the ultimate controlling party is FAI Farms Holdings Ltd (formerly Endeavour Newco 123 Limited).

13. Ultimate controlling party

Parent Company:

FAI Farms Holdings Ltd

There is no ultimate controlling party of FAI Farms Holdings Ltd.