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Registered number: 00439189
Smith Farms (Clacton) Limited
Financial Statements
For The Year Ended 31 January 2025
Avant Advisory Ltd
Chartered Certified Accountants
124 City Road
London
EC1V 2NX
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 00439189
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 11,271,729 10,765,874
11,271,729 10,765,874
CURRENT ASSETS
Stocks 5 727,619 607,459
Debtors 6 150,914 183,795
Cash at bank and in hand 1,174,775 1,263,018
2,053,308 2,054,272
Creditors: Amounts Falling Due Within One Year 7 (539,482 ) (499,846 )
NET CURRENT ASSETS (LIABILITIES) 1,513,826 1,554,426
TOTAL ASSETS LESS CURRENT LIABILITIES 12,785,555 12,320,300
Creditors: Amounts Falling Due After More Than One Year 8 (678,213 ) (714,399 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,093,931 ) (962,275 )
NET ASSETS 11,013,411 10,643,626
CAPITAL AND RESERVES
Called up share capital 11 4,090 4,870
Share premium account 35,000 35,000
Capital redemption reserve 142,112 141,332
Fair value reserve 12 3,975,800 3,581,020
Profit and Loss Account 6,856,409 6,881,404
SHAREHOLDERS' FUNDS 11,013,411 10,643,626
Page 1
Page 2
For the year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
P J Smith
Director
G H Smith
Director
18/07/2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Smith Farms (Clacton) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 00439189 . The registered office is Wigboro Wick Lane, St. Osyth, Clacton-On-Sea, Essex, CO16 8ER.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is the total amount received by the company in the ordinary course of business with outside customers for
goods and sevices provided, excluding VAT and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of
each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the
shorter.
Freehold 2% on reducing balance. Land not depreciated
Leasehold 2% on reducing balance
Plant & Machinery 20% on reducing balance and 15% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 15% on reducing balance
Computer Equipment 20% on reducing balance
2.4. Investment Properties
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value are recognised in the profit and loss account.
2.5. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts 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 the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

2.6. Stocks and Work in Progress
Consumable stores of seeds, fertiliser, chemicals, fuel and sundry stores are valued at invoice price or market value
if lower.

Livestock have been valued on a "deemed" cost basis, which has been calculated at 60% of market value.
Crops in store have been valued on a "deemed" cost basis, which has been calculated at 75% of market value.

Under the heading of Tillages and Growing Crops, the cultivations have been valued on a cost basis using the CAAV
Guide to Costings and supporting working papers and invoices. Purchased seeds, fertiliser and chemicals have
been valued at actual cost.
2.7. 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 that have been enacted or
substantively enacted by the balance sheet date.
Page 3
Page 4
2.8. Government Grant
Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss
account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit
and loss account as the related expenditure incurred.

Milking parlour
The asset was brought into use in May 2015 and being depreciated at 2% diminishing value.
FFIS grant £18,495 was received on 22 January 2015 relating to the milking parlour. It will be released to the profit
and loss account over the expected useful life of the asset (50 years) starting from 2016.

3. Average Number of Employees
Average number of employees, including directors, during the year was: 47 (2024: 46)
47 46
4. Tangible Assets
Land & Property
Freehold Leasehold Investment Properties Plant & Machinery
£ £ £ £
Cost or Valuation
As at 1 February 2024 5,012,837 403,884 5,273,626 1,302,693
Additions - 52,631 - 143,266
Disposals - - - (79,729 )
Revaluation - - 526,373 -
As at 31 January 2025 5,012,837 456,515 5,799,999 1,366,230
Depreciation
As at 1 February 2024 383,666 91,801 - 855,117
Provided during the period 49,920 7,729 - 90,168
Disposals - - - (31,377 )
As at 31 January 2025 433,586 99,530 - 913,908
Net Book Value
As at 31 January 2025 4,579,251 356,985 5,799,999 452,322
As at 1 February 2024 4,629,171 312,083 5,273,626 447,576
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost or Valuation
As at 1 February 2024 115,184 73,855 1,531 12,183,610
Additions - - 2,317 198,214
Disposals - - - (79,729 )
Revaluation - - - 526,373
As at 31 January 2025 115,184 73,855 3,848 12,828,468
Depreciation
As at 1 February 2024 49,176 37,292 684 1,417,736
Provided during the period 16,502 5,484 577 170,380
Disposals - - - (31,377 )
As at 31 January 2025 65,678 42,776 1,261 1,556,739
...CONTINUED
Page 4
Page 5
Net Book Value
As at 31 January 2025 49,506 31,079 2,587 11,271,729
As at 1 February 2024 66,008 36,563 847 10,765,874
The net book value of fixed assets includes £138,652 (2024: £119,438) of assets held under hire purchase and finance lease contracts.
If investment property had been accounted for under historical cost accounting rules, the amounts would be: £1,497,350. Investment property was valued on an open market basis in May 2025 by the Directors.
5. Stocks
2025 2024
£ £
Valuation 506,620 386,494
Consumables 159,440 174,718
Cultivations 61,559 46,247
727,619 607,459
6. Debtors
2025 2024
£ £
Due within one year
Trade debtors 39,783 52,017
Other debtors 111,131 131,778
150,914 183,795
7. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 61,662 36,678
Trade creditors 248,534 308,502
Other creditors 101,904 126,142
Taxation and social security 127,382 28,524
539,482 499,846
8. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 78,626 71,096
Bank and mortgage loans 201,600 201,600
AMC Loan 377,296 420,375
Deferred government grants 20,691 21,328
678,213 714,399
Page 5
Page 6
9. Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured.
1. Secured charge is held over the freehold property known as Land on the west side of Wigboro Lane, St Osyth,
Clacton-on-Sea. The charge was registered on 15 October 2014.
2. Security charge is held over the freehold property being approximately 47.96 acres of land at Alton Park West
Road, Clacton-on-Sea. The charge was registered 26 January 2016.
Two AMC loans were incepted 29.09.14. The loans were taken for a period of 22 years.
Loan 1 - £250,000 interest only for 2 years payable in monthly instalments, then annuity. Margin of 1.80% over
money market price. This is equivalent to a fixed rate interest of 4.14% for the first 10 years.
Loan 2 - £257,500 interest only for 2 years payable in monthly installments, then annuity. Margin of 1.80% over
AMC's base rate for the first 10 years.This is equivalent to a variable rate of interest of 2.3%. Thereafter at a margin
of 2.60% over AMC's base rate.
An additional loan £60,900 was incepted on 24.03.15. The loan term is 21 years 5 months. This is an interest only loan at 3.50% over AMC's base rate.
An additional loan £192,250 was incepted 26.01.16 for a period of 10 years. It is a fixed rate loan at 4.19%.
A Barclays loan £201,600 was incepted 19.10.21 for the period of 5 years. This is an interest only loan at 1.93% over BOE base rates.
2025 2024
£ £
Other Creditors 622,166 665,245
10. Obligations Under Finance Leases and Hire Purchase
2025 2024
£ £
The future minimum finance lease payments are as follows:
Not later than one year 61,662 36,678
Later than one year and not later than five years 78,626 71,096
140,288 107,774
140,288 107,774
11. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 4,090 4,870
12. Reserves
Fair Value Reserve
£
As at 1 February 2024 3,581,020
Transfer to profit and loss 394,780
As at 31 January 2025 3,975,800
Page 6