Company registration number 02590151 (England and Wales)
FARMSENSE LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
FARMSENSE LTD
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
FARMSENSE LTD
STATEMENT OF FINANCIAL POSITION
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
3,424
1,387
Current assets
Stocks
385,935
50,518
Debtors
6
302,524
414,694
688,459
465,212
Creditors: amounts falling due within one year
7
(794,495)
(661,746)
Net current liabilities
(106,036)
(196,534)
Total assets less current liabilities
(102,612)
(195,147)
Provisions for liabilities
(856)
Net liabilities
(103,468)
(195,147)
Capital and reserves
Called up share capital
8
110
110
Profit and loss reserves
10
(103,578)
(195,257)
Total equity
(103,468)
(195,147)
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 24 June 2025 and are signed on its behalf by:
Mr D A Haythornthwaite
Director
Company registration number 02590151 (England and Wales)
FARMSENSE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information
Farmsense Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Animal House, Boundary Road, Lytham, Lancashire, FY8 5LT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
1.2
Going concern
The financial statements have been prepared on a going concern basis. The Company has net current liabilities of £106,038 at 30 June 2024 (2023: £true196,534) and net liabilities of £103,468 at 30 June 2024 (2022: £195,147). The directors have drawn up forecasts covering a period of 12 months from the date of signing the accounts. Sensitivity analysis has been performed to consider different scenarios. Farmsense Limited has received a letter of support from Tangerine Group Holdings Limited who is under the ultimate control of the same controlling shareholder, D A Haythornthwaite that they can continue to provide financial support to enable the Company to continue trading. The directors are of the opinion that the company can continue as a going concern for the foreseeable future.
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Sales are recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the product have been transferred to the customer.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
10% on cost
Fixtures and fittings
10% - 20% on cost
Show equipment
10% - 50 % on cost
1.5
Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.
FARMSENSE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
At each reporting date, an assessment is made for impairment, any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.
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 entity after deducting all of its financial liabilities.
Financial assets with no stated interest rate and receivable within one year are stated at transaction price. Any losses arising from impairment are recognised in the income statement in other administrative expenses.
1.7
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business is being amortised over its estimated useful life of ten years. This has now been fully written down.
1.8
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
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 or other future taxable profits.
1.9
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
1.10
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.
FARMSENSE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
In the directors opinion there are no judgements or key sources of estimation uncertainty in relation to these financial statements.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
No directors received remuneration from the Company in respect of services provided in either the current or prior year. Directors' remuneration is paid by Tangerine Holdings Limited.
4
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2023 and 30 June 2024
4,613
Amortisation and impairment
At 1 July 2023 and 30 June 2024
4,613
Carrying amount
At 30 June 2024
At 30 June 2023
FARMSENSE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
5
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Show equipment
Total
£
£
£
£
Cost
At 1 July 2023
15,873
48,790
17,321
81,984
Additions
3,245
3,245
At 30 June 2024
15,873
48,790
20,566
85,229
Depreciation and impairment
At 1 July 2023
15,609
48,790
16,198
80,597
Depreciation charged in the year
164
1,044
1,208
At 30 June 2024
15,773
48,790
17,242
81,805
Carrying amount
At 30 June 2024
100
3,324
3,424
At 30 June 2023
264
1,123
1,387
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
71,573
107,675
Amounts owed by group undertakings
41,650
134,163
Other debtors
182,040
95,326
Prepayments and accrued income
7,261
77,146
302,524
414,310
Deferred tax asset (note )
384
302,524
414,694
The amounts owed by group undertakings are interest free and repayable on demand.
FARMSENSE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
3,897
7,088
Trade creditors
62,550
Amounts owed to group undertakings
16,360
104,663
Corporation tax
26,921
3,796
Other taxation and social security
4,665
2,784
Other creditors
607,085
482,230
Accruals and deferred income
73,017
61,185
794,495
661,746
The amounts owed to group undertakings are interest free and repayable on demand.
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
4
4
4
4
Ordinary B of £1 each
6
6
6
6
Ordinary of £1 each
100
100
100
100
110
110
110
110
Ordinary shares have full voting rights and Ordinary A & B Shares have no voting rights.
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
David Evans BA FCA
Statutory Auditor:
Bishops Audit Limited
Date of audit report:
26 June 2025
10
Profit and loss reserves
This reserve reflects cumulative profits and losses net of distributions to owners
11
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Finacial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
FARMSENSE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
11
Related party transactions
(Continued)
- 7 -
During the year the Company had transactions with companies under the control of D A Haythonrthwaite.
2024
2023
£
£
Goods provided
92,685
56,559
Good purchased
417,678
335,965
At the year end the Company had net balances outstanding with companies under the control of D A Haythornthwaite.
2024
2023
£
£
Include in Other debtors/(creditors)
(430,844)
(404,435)
12
Ultimate controlling party
The Company is a 100% owned subsidiary of Tangerine Agriculture Limited.
The registered office for Tangerine Agriculture Limited is Docklands, Dock Road, Lytham St. Annes, Lancashire, United Kingdom, FY8 5AQ
The Company is under the ultimate control of D A Haythornthwaite, the controlling shareholder of Tangerine Agriculture Limited.
2024-06-302023-07-01falsefalsefalse26 June 2025CCH SoftwareCCH Accounts Production 2025.100No description of principal activityMr David Alan HaythornthwaiteMrs S HaythornthwaiteMr D A Haythornthwaite025901512023-07-012024-06-30025901512024-06-30025901512023-06-3002590151core:PlantMachinery2024-06-3002590151core:FurnitureFittings2024-06-3002590151core:ComputerEquipment2024-06-3002590151core:PlantMachinery2023-06-3002590151core:FurnitureFittings2023-06-3002590151core:ComputerEquipment2023-06-3002590151core:CurrentFinancialInstrumentscore:WithinOneYear2024-06-3002590151core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3002590151core:CurrentFinancialInstruments2024-06-3002590151core:CurrentFinancialInstruments2023-06-3002590151core:ShareCapital2024-06-3002590151core:ShareCapital2023-06-3002590151core:RetainedEarningsAccumulatedLosses2024-06-3002590151core:RetainedEarningsAccumulatedLosses2023-06-3002590151core:ShareCapitalOrdinaryShareClass12024-06-3002590151core:ShareCapitalOrdinaryShareClass12023-06-3002590151core:ShareCapitalOrdinaryShareClass22024-06-3002590151core:ShareCapitalOrdinaryShareClass22023-06-3002590151core:ShareCapitalOrdinaryShareClass32024-06-3002590151core:ShareCapitalOrdinaryShareClass32023-06-3002590151core:ShareCapitalOrdinaryShares2024-06-3002590151core:ShareCapitalOrdinaryShares2023-06-3002590151core:PlantMachinery2023-07-012024-06-3002590151core:FurnitureFittings2023-07-012024-06-3002590151core:ComputerEquipment2023-07-012024-06-30025901512022-07-012023-06-3002590151core:NetGoodwill2023-06-3002590151core:NetGoodwill2024-06-3002590151core:NetGoodwill2023-06-3002590151core:PlantMachinery2023-06-3002590151core:FurnitureFittings2023-06-3002590151core:ComputerEquipment2023-06-30025901512023-06-3002590151bus:OrdinaryShareClass12023-07-012024-06-3002590151bus:OrdinaryShareClass22023-07-012024-06-3002590151bus:OrdinaryShareClass32023-07-012024-06-3002590151bus:OrdinaryShareClass12024-06-3002590151bus:OrdinaryShareClass12023-06-3002590151bus:OrdinaryShareClass22024-06-3002590151bus:OrdinaryShareClass22023-06-3002590151bus:OrdinaryShareClass32024-06-3002590151bus:OrdinaryShareClass32023-06-3002590151bus:AllOrdinaryShares2024-06-3002590151bus:AllOrdinaryShares2023-06-3002590151bus:PrivateLimitedCompanyLtd2023-07-012024-06-3002590151bus:SmallCompaniesRegimeForAccounts2023-07-012024-06-3002590151bus:FRS1022023-07-012024-06-3002590151bus:Audited2023-07-012024-06-3002590151bus:Director12023-07-012024-06-3002590151bus:Director22023-07-012024-06-3002590151bus:CompanySecretary12023-07-012024-06-3002590151bus:FullAccounts2023-07-012024-06-30xbrli:purexbrli:sharesiso4217:GBP