Caseware UK (AP4) 2024.0.164 2024.0.164 2024-09-302024-09-30false242023-10-01falseFarming25falsetrue 06241813 2023-10-01 2024-09-30 06241813 2022-10-01 2023-09-30 06241813 2024-09-30 06241813 2023-09-30 06241813 c:Director1 2023-10-01 2024-09-30 06241813 d:PlantMachinery 2023-10-01 2024-09-30 06241813 d:PlantMachinery 2024-09-30 06241813 d:PlantMachinery 2023-09-30 06241813 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 06241813 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-10-01 2024-09-30 06241813 d:MotorVehicles 2023-10-01 2024-09-30 06241813 d:MotorVehicles 2024-09-30 06241813 d:MotorVehicles 2023-09-30 06241813 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 06241813 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-10-01 2024-09-30 06241813 d:OfficeEquipment 2023-10-01 2024-09-30 06241813 d:OfficeEquipment 2024-09-30 06241813 d:OfficeEquipment 2023-09-30 06241813 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 06241813 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2023-10-01 2024-09-30 06241813 d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 06241813 d:LeasedAssetsHeldAsLessee 2023-10-01 2024-09-30 06241813 d:PatentsTrademarksLicencesConcessionsSimilar 2024-09-30 06241813 d:PatentsTrademarksLicencesConcessionsSimilar 2023-09-30 06241813 d:CurrentFinancialInstruments 2024-09-30 06241813 d:CurrentFinancialInstruments 2023-09-30 06241813 d:Non-currentFinancialInstruments 2024-09-30 06241813 d:Non-currentFinancialInstruments 2023-09-30 06241813 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 06241813 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 06241813 d:Non-currentFinancialInstruments d:AfterOneYear 2024-09-30 06241813 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 06241813 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-09-30 06241813 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-09-30 06241813 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-09-30 06241813 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-09-30 06241813 d:ShareCapital 2024-09-30 06241813 d:ShareCapital 2023-09-30 06241813 d:RetainedEarningsAccumulatedLosses 2024-09-30 06241813 d:RetainedEarningsAccumulatedLosses 2023-09-30 06241813 d:AcceleratedTaxDepreciationDeferredTax 2024-09-30 06241813 d:AcceleratedTaxDepreciationDeferredTax 2023-09-30 06241813 c:FRS102 2023-10-01 2024-09-30 06241813 c:Audited 2023-10-01 2024-09-30 06241813 c:FullAccounts 2023-10-01 2024-09-30 06241813 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 06241813 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-10-01 2024-09-30 06241813 d:WithinOneYear 2024-09-30 06241813 d:WithinOneYear 2023-09-30 06241813 d:BetweenOneFiveYears 2024-09-30 06241813 d:BetweenOneFiveYears 2023-09-30 06241813 d:MoreThanFiveYears 2024-09-30 06241813 d:MoreThanFiveYears 2023-09-30 06241813 c:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 06241813 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-09-30 06241813 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-09-30 06241813 d:LeasedAssetsHeldAsLessee 2024-09-30 06241813 d:LeasedAssetsHeldAsLessee 2023-09-30 06241813 e:PoundSterling 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure

Registered number: 06241813









FOXBURROW FARM LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
FOXBURROW FARM LIMITED
REGISTERED NUMBER: 06241813

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 5 
1,050
1,050

Tangible assets
 6 
4,187,119
4,291,879

  
4,188,169
4,292,929

Current assets
  

Stocks
 7 
1,465,772
1,435,006

Debtors: amounts falling due within one year
 8 
2,219,283
2,264,489

Bank and cash balances
  
820
725

  
3,685,875
3,700,220

Creditors: amounts falling due within one year
 9 
(1,408,248)
(1,862,005)

Net current assets
  
 
 
2,277,627
 
 
1,838,215

Total assets less current liabilities
  
6,465,796
6,131,144

Creditors: amounts falling due after more than one year
 10 
(6,534,719)
(5,596,718)

Provisions for liabilities
  

Deferred tax
 12 
(889,325)
(831,569)

  
 
 
(889,325)
 
 
(831,569)

Net liabilities
  
(958,248)
(297,143)


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
(959,248)
(298,143)

  
(958,248)
(297,143)


Page 1

 
FOXBURROW FARM LIMITED
REGISTERED NUMBER: 06241813
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 statement of comprehensive income 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 by: 




M L J Goff
Director

Date: 24 June 2025

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
FOXBURROW FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Foxburrow Farm Limited is a private Company limited by shares incorporated in England and Wales, registration number 06241813. The principal place of business is Foxburrow Farm, Dereham Road, North Elmham, Dereham, Norfolk, NR20 5LG.
The principal activity of the Company is that of farming.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The financial statements are presented in Sterling (£).

The following principal accounting policies have been applied:

 
2.2

Going concern

The Directors have considered the anticipated financial performance of the Company in the foreseeable future and, in conjunction with the continued support expected from the parent company George J Goff Limited, are of the opinion that the going concern basis of preparation of the financial statements is appropriate. In reaching their assessment, the Directors have utilised budgets and financial forecasts covering a period of 12 months from the date of approval of the financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

a) Crops and livestock - on harvest and physical delivery to the customer;
b) Rent receivable - amounts receivable in the year;
c) Grant income - in the year when the qualifying conditions entitling payment are met.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 3

 
FOXBURROW FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.5

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.6

Government grants

Grants are accounted 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 statement of comprehensive income in the same period as the related expenditure.

 
2.7

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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

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.

Page 4

 
FOXBURROW FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.11

Intangible assets

Intangible assets 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.
Entitlements to receive the Basic Payment have are now being amortised over their estimated useful life of five years.

 
2.12

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.

Page 5

 
FOXBURROW FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and equipment
-
10% reducing balance
Vehicles
-
10% reducing balance
Office equipment
-
10% reducing balance

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.

 
2.13

Stocks

Stocks and closing valuation for cultivations are valued at the lower of cost and net realisable value. Consumables are valued at cost.
Costs have been determined from cost of production calculations, whilst net realisable value represents sales proceeds for crops in the ground and in store at the year end. 
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
FOXBURROW FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Stock valuations
The valuation of farm stock at the year end involves significant estimates and judgements, particularly in respect of the determination of fair or net realisable value.
The Directors have applied the principles set out in HMRC’s Business Income Manual BIM55410 to value stocks at the lower of cost and net realisable value.  Crops in store are valued based on direct attributable costs incurred to date, with an assessment of the expected selling price less estimated costs to complete and sell.  Livestock are valued using a standard cost basis, adjusted where necessary to reflect the condition, weight, and marketability of the animals at the balance sheet date.  


4.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
24
25

Page 7

 
FOXBURROW FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Intangible assets




Other intangible fixed assets

£



Cost


At 1 October 2023
1,050



At 30 September 2024

1,050






Net book value



At 30 September 2024
1,050



At 30 September 2023
1,050



Page 8

 
FOXBURROW FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6.


Tangible fixed assets





Plant and machinery
Vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 October 2023
6,932,160
311,066
39,945
7,283,171


Additions
634,999
1,711
3,913
640,623


Disposals
(529,006)
(13,750)
-
(542,756)



At 30 September 2024

7,038,153
299,027
43,858
7,381,038



Depreciation


At 1 October 2023
2,838,711
139,945
12,636
2,991,292


Charge for the year on owned assets
299,990
17,022
3,039
320,051


Charge for the year on financed assets
109,275
-
-
109,275


Disposals
(216,241)
(10,458)
-
(226,699)



At 30 September 2024

3,031,735
146,509
15,675
3,193,919



Net book value



At 30 September 2024
4,006,418
152,518
28,183
4,187,119



At 30 September 2023
4,093,449
171,121
27,309
4,291,879

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


2024
2023
£
£



Plant and machinery
865,204
1,043,018

865,204
1,043,018

Page 9

 
FOXBURROW FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7.


Stocks

2024
2023
£
£

Crops in store
888,414
851,786

Livestock
511,856
547,231

Consumables
65,502
35,989

1,465,772
1,435,006



8.


Debtors

2024
2023
£
£


Trade debtors
198,582
56,217

Amounts owed by group undertakings
1,296,801
1,431,598

Other debtors
170,363
407,005

Prepayments and accrued income
553,537
369,669

2,219,283
2,264,489



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
951,902
1,158,174

Bank loans
10,332
10,077

Trade creditors
234,823
437,857

Other taxation and social security
18,545
21,837

Obligations under finance lease and hire purchase contracts
170,046
207,770

Accruals and deferred income
22,600
26,290

1,408,248
1,862,005


The bank overdraft is secured by fixed and floating charges over the assets.
Obligations under finance leases and hire purchase contracts are secured on the assets financed.

Page 10

 
FOXBURROW FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
7,033
17,365

Net obligations under finance leases and hire purchase contracts
286,473
379,179

Amounts owed to group undertakings
6,241,213
5,200,174

6,534,719
5,596,718


Obligations under finance leases and hire purchase contracts are secured on the assets financed.


11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,332
10,077

Amounts falling due 1-2 years

Bank loans
7,033
9,445

Amounts falling due 2-5 years

Bank loans
-
7,920


17,365
27,442



12.


Deferred taxation




2024


£






At beginning of year
831,569


Charged to profit or loss
57,756



At end of year
889,325

Page 11

 
FOXBURROW FARM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
 
12.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
889,325
831,569

889,325
831,569


13.


Contingent liabilities

The Company is party to an unlimited multilateral bank guarantee dated 13 December 2019.


14.


Commitments under operating leases

At 30 September 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
49,321
56,271

Later than 1 year and not later than 5 years
151,394
157,088

Later than 5 years
365,000
401,500

565,715
614,859


15.


Related party transactions

The Company has taken advantage of the exemption contained in Financial Reporting Standard 102 Section 33.1a and has not disclosed transactions with wholly owned members of the same group.


16.


Controlling party

The parent undertaking of the largest and smallest group for which consolidated accounts are prepared is George J Goff LImited, registered office address 5 Market Yard Mews, 194-204 Bermondsey Street, London, SE1 3TQ.


17.


Auditors' information

The auditors' report on the financial statements for the year ended 30 September 2024 was unqualified.

The audit report was signed on 26 June 2025 by Alistair Fish FCA (senior statutory auditor) on behalf of MA Partners Audit LLP.

Page 12