Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Restated - note 2 | ||||
| Fixed assets | ||||
| Intangible assets | 4 |
|
|
|
| Tangible assets | 5 |
|
|
|
| Investments | 6 |
|
|
|
| 260,146 | 292,531 | |||
| Current assets | ||||
| Stocks | 7 |
|
|
|
| Debtors | 8 |
|
|
|
| Cash at bank and in hand |
|
|
||
| 3,367,514 | 4,712,662 | |||
| Creditors: amounts falling due within one year | 9 | (
|
(
|
|
| Net current assets | 2,131,445 | 1,946,914 | ||
| Total assets less current liabilities | 2,391,591 | 2,239,445 | ||
| Net assets |
|
|
||
| Capital and reserves | ||||
| Called-up share capital | 10 |
|
|
|
| Share premium account |
|
|
||
| Profit and loss account | (
|
(
|
||
| Total shareholder's funds |
|
|
Directors' responsibilities:
The financial statements of FAI Farms Limited (registered number:
|
J G Banfield
Director |
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.
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 £.
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.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
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.
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.
| Goodwill |
|
| Leasehold improvements |
|
| Plant and machinery |
|
| Vehicles |
|
| Office equipment |
|
| Computer equipment |
|
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.
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.
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.
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.
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.
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.
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 |
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
|
|
| Goodwill | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 October 2023 |
|
|
|
| At 30 September 2024 |
|
|
|
| Accumulated amortisation | |||
| At 01 October 2023 |
|
|
|
| Charge for the financial year |
|
|
|
| At 30 September 2024 |
|
|
|
| Net book value | |||
| At 30 September 2024 |
|
|
|
| At 30 September 2023 |
|
|
| Leasehold improve- ments |
Plant and machinery | Vehicles | Office equipment | Computer equipment | Total | ||||||
| £ | £ | £ | £ | £ | £ | ||||||
| Cost | |||||||||||
| At 01 October 2023 |
|
|
|
|
|
|
|||||
| Additions |
|
|
|
|
|
|
|||||
| Disposals |
|
(
|
(
|
|
(
|
(
|
|||||
| At 30 September 2024 |
|
|
|
|
|
|
|||||
| Accumulated depreciation | |||||||||||
| At 01 October 2023 |
|
|
|
|
|
|
|||||
| Charge for the financial year |
|
|
|
|
|
|
|||||
| Disposals |
|
(
|
(
|
|
(
|
(
|
|||||
| At 30 September 2024 |
|
|
|
|
|
|
|||||
| Net book value | |||||||||||
| At 30 September 2024 |
|
|
|
|
|
|
|||||
| At 30 September 2023 |
|
|
|
|
|
|
Investments in subsidiaries
| 2024 | |
| £ | |
| Cost | |
| At 01 October 2023 |
|
| At 30 September 2024 |
|
| Carrying value at 30 September 2024 |
|
| Carrying value at 30 September 2023 |
|
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 |
|
|
Malmoyveien 34B, Oslo | Provision of software for training management in the aquaculture industry |
|
|
|
| Project X Global Limited | 10 Queen Street Place, London | Environmental consulting activities | Ordinary Shares | 0.96% | 0.96% |
|
|
Estrada Velha Irere, S/N, Fazenda Santa Marta, Londrina, Brazil | Agronomy and consultancy services for agricultural and livestock activities |
|
|
|
|
|
The Barn, Wytham, Oxford | Non-trading company |
|
|
|
| 2024 | 2023 | ||
| £ | £ | ||
| Stocks |
|
|
|
| Raw materials |
|
|
|
| Livestock |
|
|
|
|
|
|
| 2024 | 2023 | ||
| £ | £ | ||
| Trade debtors |
|
|
|
| Amounts owed by Group undertakings |
|
|
|
| Deferred tax asset |
|
|
|
| Corporation tax |
|
|
|
| Other debtors |
|
|
|
|
|
|
| 2024 | 2023 | ||
| £ | £ | ||
| Trade creditors |
|
|
|
| Amounts owed to Group undertakings |
|
|
|
| Accruals and deferred income |
|
|
|
| Other taxation and social security |
|
|
|
| Other creditors |
|
|
|
|
|
|
| 2024 | 2023 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
|
|
|
|
Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
| 2024 | 2023 | ||
| £ | £ | ||
| within one year |
|
|
|
| between one and five years |
|
|
|
|
|
|
The above commitments are in respect of premises lease agreements.
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).
Parent Company:
|
|