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Company registration number: 07268290
Holywell Farms Limited
Unaudited filleted financial statements
31 March 2025
Holywell Farms Limited
Statement of financial position
31 March 2025
2025 2024
Note £ £ £ £
Fixed assets
Tangible assets 5 1,297,385 1,351,900
Investments 6 43,850 43,850
_______ _______
1,341,235 1,395,750
Current assets
Stocks 754,050 782,040
Debtors 7 57,807 63,201
_______ _______
811,857 845,241
Creditors: amounts falling due
within one year 8 ( 1,986,948) ( 2,040,149)
_______ _______
Net current liabilities ( 1,175,091) ( 1,194,908)
_______ _______
Total assets less current liabilities 166,144 200,842
Creditors: amounts falling due
after more than one year 9 ( 39,604) ( 78,524)
Provisions for liabilities ( 130,000) ( 125,000)
_______ _______
Net liabilities ( 3,460) ( 2,682)
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account ( 3,560) ( 2,782)
_______ _______
Shareholders deficit ( 3,460) ( 2,682)
_______ _______
For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 04 July 2025 , and are signed on behalf of the board by:
Mr P G Watson
Director
Company registration number: 07268290
Holywell Farms Limited
Notes to the financial statements
Year ended 31 March 2025
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Holywell Farms Limited, Church Farm, East Holywell, Newcastle Upon Tyne, NE27 0JW.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.The financial statements are prepared in sterling, which is the functional currency of the entity, and are rounded to the nearest £1.
Going concern
The company is dependent upon the continuing support of it's directors who have agreed not to withdraw funds to the detriment of other creditors. On this basis the accounts have been prepared on a going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 10% to 20% straight line
Motor vehicles - 25 % straight line
Improvements - 2% to 10% straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2024: 6 ).
5. Tangible assets
Plant and machinery Motor vehicles Farm Improve- ments Total
£ £ £ £
Cost
At 1 April 2024 1,753,104 55,333 338,860 2,147,297
Additions 65,100 - - 65,100
Disposals ( 40,276) - - ( 40,276)
_______ _______ _______ _______
At 31 March 2025 1,777,928 55,333 338,860 2,172,121
_______ _______ _______ _______
Depreciation
At 1 April 2024 642,094 46,333 106,970 795,397
Charge for the year 84,185 - 16,750 100,935
Disposals ( 21,596) - - ( 21,596)
_______ _______ _______ _______
At 31 March 2025 704,683 46,333 123,720 874,736
_______ _______ _______ _______
Carrying amount
At 31 March 2025 1,073,245 9,000 215,140 1,297,385
_______ _______ _______ _______
At 31 March 2024 1,111,010 9,000 231,890 1,351,900
_______ _______ _______ _______
6. Investments
Other investments other than loans Total
£ £
Cost
At 1 April 2024 and 31 March 2025 43,850 43,850
_______ _______
Impairment
At 1 April 2024 and 31 March 2025 - -
_______ _______
Carrying amount
At 31 March 2025 43,850 43,850
_______ _______
At 31 March 2024 43,850 43,850
_______ _______
7. Debtors
2025 2024
£ £
Trade debtors 29,265 16,027
Other debtors 28,542 47,174
_______ _______
57,807 63,201
_______ _______
8. Creditors: amounts falling due within one year
2025 2024
£ £
Bank loans and overdrafts 93,303 94,098
Trade creditors 32,965 64,384
Social security and other taxes 1,755 1,723
Other creditors 1,858,925 1,879,944
_______ _______
1,986,948 2,040,149
_______ _______
The bank loan of £10,449 (2024 £10,192) is a Covid Bounce Back loan, interest of 2.5% is charged on the loan. Included in other creditors are obligations under hire purchase and finance lease amounting to £61,335 (2024 £77,975) they are secured on the asset the agreements relate to. Included in other creditors is a loan amounting to £56,627 it is secured by a joint and several guarantee by the directors. (2024 £39,387).
9. Creditors: amounts falling due after more than one year
2025 2024
£ £
Bank loans and overdrafts 2,646 13,092
Other creditors 36,958 65,432
_______ _______
39,604 78,524
_______ _______
The bank loan of £2,646 (2024 £13,092) is a Covid Bounce Back loan, interest of 2.5% is charged on the. Included in other creditors are obligations under hire purchase and finance lease amounting to £36,958 (2024 £65,432) they are secured on the asset the agreements relate to.
10. Operating leases
The total future minimum lease payments under non-cancellable operation leases is 2025 £527,927 2024 £705,125.
11. Controlling party
There is no overall control of the company because there are no majority share holder.