Caseware UK (AP4) 2024.0.164 2024.0.164 2024-09-302024-09-30true9The principal activity of the company is that of farming.The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-10-01false8truefalse 05387926 2023-10-01 2024-09-30 05387926 2022-10-01 2023-09-30 05387926 2024-09-30 05387926 2023-09-30 05387926 c:Director1 2023-10-01 2024-09-30 05387926 d:Buildings 2023-10-01 2024-09-30 05387926 d:Buildings 2024-09-30 05387926 d:Buildings 2023-09-30 05387926 d:Buildings d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 05387926 d:PlantMachinery 2023-10-01 2024-09-30 05387926 d:PlantMachinery 2024-09-30 05387926 d:PlantMachinery 2023-09-30 05387926 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 05387926 d:MotorVehicles 2023-10-01 2024-09-30 05387926 d:MotorVehicles 2024-09-30 05387926 d:MotorVehicles 2023-09-30 05387926 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 05387926 d:ComputerEquipment 2023-10-01 2024-09-30 05387926 d:ComputerEquipment 2024-09-30 05387926 d:ComputerEquipment 2023-09-30 05387926 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 05387926 d:OtherPropertyPlantEquipment 2023-10-01 2024-09-30 05387926 d:OtherPropertyPlantEquipment 2024-09-30 05387926 d:OtherPropertyPlantEquipment 2023-09-30 05387926 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 05387926 d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 05387926 d:FreeholdInvestmentProperty 2023-10-01 2024-09-30 05387926 d:FreeholdInvestmentProperty 2024-09-30 05387926 d:FreeholdInvestmentProperty 2023-09-30 05387926 d:FreeholdInvestmentProperty 2 2023-10-01 2024-09-30 05387926 d:FreeholdInvestmentProperty 3 2023-10-01 2024-09-30 05387926 d:CurrentFinancialInstruments 2024-09-30 05387926 d:CurrentFinancialInstruments 2023-09-30 05387926 d:Non-currentFinancialInstruments 2024-09-30 05387926 d:Non-currentFinancialInstruments 2023-09-30 05387926 d:Non-currentFinancialInstruments 1 2024-09-30 05387926 d:Non-currentFinancialInstruments 1 2023-09-30 05387926 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 05387926 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 05387926 d:Non-currentFinancialInstruments d:AfterOneYear 2024-09-30 05387926 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 05387926 d:ShareCapital 2024-09-30 05387926 d:ShareCapital 2023-09-30 05387926 d:RevaluationReserve 2024-09-30 05387926 d:RevaluationReserve 2023-09-30 05387926 d:InvestmentPropertiesRevaluationReserve 2024-09-30 05387926 d:InvestmentPropertiesRevaluationReserve 2023-09-30 05387926 d:RetainedEarningsAccumulatedLosses 2024-09-30 05387926 d:RetainedEarningsAccumulatedLosses 2023-09-30 05387926 c:FRS102 2023-10-01 2024-09-30 05387926 c:AuditExempt-NoAccountantsReport 2023-10-01 2024-09-30 05387926 c:FullAccounts 2023-10-01 2024-09-30 05387926 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 05387926 2 2023-10-01 2024-09-30 05387926 5 2023-10-01 2024-09-30 05387926 6 2023-10-01 2024-09-30 05387926 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-09-30 05387926 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-09-30 05387926 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2024-09-30 05387926 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2023-09-30 05387926 d:LeasedAssetsHeldAsLessee 2024-09-30 05387926 d:LeasedAssetsHeldAsLessee 2023-09-30 05387926 f:PoundSterling 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure

Registered number: 05387926









SKELTON FARMING LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
SKELTON FARMING LIMITED
REGISTERED NUMBER: 05387926

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
10,593,606
10,487,106

Investments
 5 
1,015
1,015

Investment property
 6 
648,400
300,429

  
11,243,021
10,788,550

Current assets
  

Stocks
 7 
1,595,609
2,023,093

Debtors: amounts falling due within one year
 8 
613,920
707,812

Cash at bank and in hand
  
2,890,086
2,814,906

  
5,099,615
5,545,811

Creditors: amounts falling due within one year
 9 
(656,469)
(546,960)

Net current assets
  
 
 
4,443,146
 
 
4,998,851

Total assets less current liabilities
  
15,686,167
15,787,401

Creditors: amounts falling due after more than one year
 10 
(9,074,472)
(9,142,914)

  

Net assets
  
6,611,695
6,644,487


Capital and reserves
  

Called up share capital 
  
1,000,000
1,000,000

Revaluation reserve
  
80,452
-

Investment property reserve
  
(85,391)
(67,362)

Profit and loss account
  
5,616,634
5,711,849

  
6,611,695
6,644,487


Page 1

 
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.




A C P Wharton
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
SKELTON FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Turnover

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.

  
2.3

Government grants

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.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

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.

Page 3

 
SKELTON FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.6

Pensions

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.

 
2.7

Intangible assets

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.

 
2.8

Tangible fixed assets

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:

Freehold property
-
2%
Plant and machinery
-
10%
/ 4% on grain dryer
Motor vehicles
-
10%
Computer equipment
-
20%
Tractors and combines
-
10%

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.

Page 4

 
SKELTON FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.9

Revaluation of tangible fixed assets

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.

 
2.10

Investment property

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.

 
2.11

Valuation of investments

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.

 
2.12

Stocks

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.

  
2.13

Recognition of subsidies

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2023 - 9).

Page 5

 
SKELTON FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Computer equipment
Tractors and combines

£
£
£
£
£



Cost or valuation


At 1 October 2023
9,394,976
1,488,407
55,353
6,276
996,864


Additions
50,944
99,854
-
140
480,000


Disposals
-
(94,663)
-
-
(240,300)


Transfers between classes
(309,159)
-
-
-
-



At 30 September 2024

9,136,761
1,493,598
55,353
6,416
1,236,564



Depreciation


At 1 October 2023
101,484
707,922
34,591
5,487
605,286


Charge for the year on owned assets
6,987
99,532
2,595
694
106,233


Disposals
-
(75,718)
-
-
(224,007)


Transfers between classes
(36,000)
-
-
-
-



At 30 September 2024

72,471
731,736
37,186
6,181
487,512



Net book value



At 30 September 2024
9,064,290
761,862
18,167
235
749,052



At 30 September 2023
9,293,492
780,485
20,762
789
391,578
Page 6

 
SKELTON FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

           4.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 October 2023
11,941,876


Additions
630,938


Disposals
(334,963)


Transfers between classes
(309,159)



At 30 September 2024

11,928,692



Depreciation


At 1 October 2023
1,454,770


Charge for the year on owned assets
216,041


Disposals
(299,725)


Transfers between classes
(36,000)



At 30 September 2024

1,335,086



Net book value



At 30 September 2024
10,593,606



At 30 September 2023
10,487,106

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
102,050
116,128

Tractors and combines
710,950
318,800

813,000
434,928

Page 7

 
SKELTON FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Fixed asset investments





Investments in subsidiary companies
Unlisted investments
Total

£
£
£



Cost or valuation


At 1 October 2023
1,000
15
1,015



At 30 September 2024
1,000
15
1,015





6.


Investment property


Freehold investment property

£



Valuation


At 1 October 2023
300,429


Additions at cost
12,389


Surplus on revaluation
(18,029)


Transfers between classes
353,611



At 30 September 2024
648,400

The 2024 valuations were made by the company secretary, who is registered with RICS, on an open market value for existing use basis.

2024
2023
£
£

Revaluation reserves


At 1 October 2023
(67,362)
(51,549)

Net deficit in movement properties
(18,029)
(15,813)

At 30 September 2024
(85,391)
(67,362)

Page 8

 
SKELTON FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
 
6.Investment property (continued)



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
653,340
367,791

653,340
367,791


7.


Stocks

2024
2023
£
£

Raw materials and consumables
1,595,609
2,023,093

1,595,609
2,023,093



8.


Debtors

2024
2023
£
£


Trade debtors
13,257
98,430

Amounts owed by group undertakings
411,588
414,300

Other debtors
36,435
38,140

Prepayments and accrued income
152,640
156,942

613,920
707,812


Page 9

 
SKELTON FARMING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
286,409
352,233

Amounts owed to group undertakings
36,071
3,839

Other taxation and social security
6,363
9,177

Obligations under finance lease and hire purchase contracts
201,775
65,941

Other creditors
50,318
52,589

Accruals and deferred income
75,533
63,181

656,469
546,960


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). 


10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
131,495
199,937

Preference shares treated as debt
8,942,977
8,942,977

9,074,472
9,142,914


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). 

 
Page 10