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REGISTERED NUMBER: 01649054 (England and Wales)












Newchurch Farms Limited

Unaudited Financial Statements

for the Period

1 April 2024 to 26 March 2025






Newchurch Farms Limited (Registered number: 01649054)

Contents of the Financial Statements
for the Period 1 April 2024 to 26 March 2025










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


Newchurch Farms Limited

Company Information
for the Period 1 April 2024 to 26 March 2025







DIRECTORS: RGU Corbett
PA Corbett





REGISTERED OFFICE: Ox House
Shobdon
Leominster
Herefordshire
HR6 9LT





REGISTERED NUMBER: 01649054 (England and Wales)





ACCOUNTANTS: The Hutchinson Partnership Limited
trading as The Hutchinson Partnership
Chartered Accountants
The Bull Pen
Grove Farm
Portway, Burghill
Hereford
HR4 8NF

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Newchurch Farms Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Profit and Loss Account and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Newchurch Farms Limited for the period ended 26 March 2025 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Newchurch Farms Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Newchurch Farms Limited and state those matters that we have agreed to state to the Board of Directors of Newchurch Farms Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Newchurch Farms Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Newchurch Farms Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Newchurch Farms Limited. You consider that Newchurch Farms Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Newchurch Farms Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






The Hutchinson Partnership Limited
trading as The Hutchinson Partnership
Chartered Accountants
The Bull Pen
Grove Farm
Portway, Burghill
Hereford
HR4 8NF


24 July 2025

Newchurch Farms Limited (Registered number: 01649054)

Balance Sheet
26 March 2025

2025 2024
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 660,059 669,699
Investments 6 2,452 2,452
Investment property 7 390,000 390,000
1,052,511 1,062,151

CURRENT ASSETS
Stocks 67,255 61,261
Debtors 8 324,887 1,057,789
Cash at bank and in hand 727,993 31
1,120,135 1,119,081
CREDITORS
Amounts falling due within one year 9 79,224 123,298
NET CURRENT ASSETS 1,040,911 995,783
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,093,422

2,057,934

CREDITORS
Amounts falling due after more than one
year

10

-

(5,173

)

PROVISIONS FOR LIABILITIES 12 (104,352 ) (80,539 )
NET ASSETS 1,989,070 1,972,222

CAPITAL AND RESERVES
Allotted, issued and fully
paid share capital 100,000 100,000
Share premium 943,978 943,978
Non-distributable reserve 273,865 295,496
Retained earnings 671,227 632,748
1,989,070 1,972,222

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 26 March 2025.

The members have not required the company to obtain an audit of its financial statements for the period ended 26 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Newchurch Farms Limited (Registered number: 01649054)

Balance Sheet - continued
26 March 2025


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 July 2025 and were signed on its behalf by:





RGU Corbett - Director


Newchurch Farms Limited (Registered number: 01649054)

Notes to the Financial Statements
for the Period 1 April 2024 to 26 March 2025


1. STATUTORY INFORMATION

Newchurch Farms Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. SHORTER PERIOD OF ACCOUNT IN CURRENT YEAR

These accounts cover the period ending 26 March 2025, as they were prepared to the date of completion for the sale of the company's shares. The previous period was for the year ended 31 March 2024 and so the comparatives are not directly comparable.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The
Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The directors have considered the financial requirements of the company and consider that it will be able to operate within its agreed finance facilities for the next 12 months. The directors therefore consider it appropriate to prepare accounts on the going concern basis.

Turnover
Turnover represents grain sales, energy crop sales and renewable energy income, stated net of discounts, rebates, value added tax and other sales taxes.

The company recognises revenue when the significant risks and rewards of ownership have passed to the buyer, when the amount of revenue can be measured reliably, when it is probable that the economic benefits associated with the transaction will flow to the entity and when the costs incurred or to be incurred in respect of the transaction can be measured reliably. Revenue from services is recognised in the accounting periods in which the services are rendered.

The following criteria must therefore be met before revenue is recognised:

Grain sales are recognised when the grain is collected from the arranged storage facility.

Energy crop sales are recognised when the crop is harvested and taken off the field.

Renewable energy income (RHI) is recognised in the period in which the heat is generated.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided and Straight line over 40 years
Improvements to property - 5% on cost
Plant and machinery - 33% on cost, 10% on cost and 5% on cost

Investments in associates
Investments in subsidiaries and associates are valued at the company's share of the investment company's net assets.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Newchurch Farms Limited (Registered number: 01649054)

Notes to the Financial Statements - continued
for the Period 1 April 2024 to 26 March 2025


3. ACCOUNTING POLICIES - continued

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.

Included in stocks are growing crops that are a biological asset. These are valued at cost as a market value is not ascertainable until the crops are harvested.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 period 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.

4. EMPLOYEES

The average number of employees during the period was 2 (2024 - 2 ) .

Newchurch Farms Limited (Registered number: 01649054)

Notes to the Financial Statements - continued
for the Period 1 April 2024 to 26 March 2025


5. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and Motor
property property machinery vehicles Totals
£    £    £    £    £   
COST
At 1 April 2024 677,979 6,859 226,550 8,000 919,388
Additions - - 3,900 - 3,900
Disposals - - (73,832 ) (8,000 ) (81,832 )
At 26 March 2025 677,979 6,859 156,618 - 841,456
DEPRECIATION
At 1 April 2024 75,246 1,029 165,414 8,000 249,689
Charge for period 758 338 9,686 - 10,782
Eliminated on disposal - - (71,074 ) (8,000 ) (79,074 )
At 26 March 2025 76,004 1,367 104,026 - 181,397
NET BOOK VALUE
At 26 March 2025 601,975 5,492 52,592 - 660,059
At 31 March 2024 602,733 5,830 61,136 - 669,699

Included in cost of freehold property is freehold land of £502,500 (2024: £502,500) which is not depreciated.

6. FIXED ASSET INVESTMENTS
Interest
in
associate
£   
COST
At 1 April 2024
and 26 March 2025 2,452
NET BOOK VALUE
At 26 March 2025 2,452
At 31 March 2024 2,452

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2024
and 26 March 2025 390,000
NET BOOK VALUE
At 26 March 2025 390,000
At 31 March 2024 390,000

Newchurch Farms Limited (Registered number: 01649054)

Notes to the Financial Statements - continued
for the Period 1 April 2024 to 26 March 2025


7. INVESTMENT PROPERTY - continued

Fair value at 26 March 2025 is represented by:
£   
Valuation in 2019 297,801
Valuation in 2024 65,000
Cost 27,199
390,000

8. DEBTORS
2025 2024
£    £   
Amounts falling due within one year:
Trade debtors 78,608 103,383
Other debtors 228 -
Directors' current accounts - 74,329
VAT 3,682 4,873
Prepayments and accrued income 13,146 11,652
95,664 194,237

Amounts falling due after more than one year:
Directors' loan accounts - 634,328
S455 tax 229,223 229,224
229,223 863,552

Aggregate amounts 324,887 1,057,789

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Bank loans and overdrafts 5,074 27,991
Trade creditors 16,179 47,945
Corporation tax payable 15,706 6,289
Social security and other taxes 704 2,351
Directors' current accounts 365 -
Accruals and deferred income 41,196 38,722
79,224 123,298

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2025 2024
£    £   
Bank loans - due within 1 to 2 years - 5,173

Newchurch Farms Limited (Registered number: 01649054)

Notes to the Financial Statements - continued
for the Period 1 April 2024 to 26 March 2025


11. SECURED DEBTS

The following secured debts are included within creditors:

2025 2024
£    £   
Bank loans 5,074 13,773

A legal mortgage over freehold land lying to the north-west of Parks Farm, Kinnersley, Herefordshire.

12. PROVISIONS FOR LIABILITIES
2025 2024
£    £   
Deferred tax
Advanced capital allowances 13,147 11,227
Losses (83 ) -
Fair value adjustments 91,288 69,312
104,352 80,539

Deferred
tax
£   
Balance at 1 April 2024 80,539
Advanced capital allowances 1,920
Losses (83 )
Fair value adjustments 21,976
Balance at 26 March 2025 104,352

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in debtors are amounts due from directors of £NIL (2024: £708,657). Interest, at the authorised rate, of £17,332 (2024: £16,069) has been charged on these balances. Loans of £NIL (2024: £634,328) are repayable on one year's notice and £NIL (2024: £74,329) are repayable on demand.

Newchurch Farms Limited (Registered number: 01649054)

Notes to the Financial Statements - continued
for the Period 1 April 2024 to 26 March 2025


14. RELATED PARTY DISCLOSURES

The arable enterprise in this company is run by an associated company, with purchases and sales made through them. Sales to this associated company in the year were £104,844 (2024: £103,297) and purchases from them were £97,177 (2024: £46,993). Contracting refunds received from them in the year were £NIL (2024: £5,946). At the year end £51,574 (2024: £61,865) was due from the associated company which is included in trade debtors and £6,545 (2024: £26,013) is due to the associated company which is included in trade creditors and accruals.

Sales to companies controlled by a current director in the year were £96,418 (2024: £90,682) and purchases made from this company were £57,472 (2024: £44,630).

Sales to a company controlled by one of the former directors in the year were £3,000 (2024: £NIL) and purchases from this company were £4,967 (2024: £1,911). Expenses of £56,343 (2024: £68,335) have been recharged to this company. At the year end £4,586 (2024: £41,812) due from this company is included in debtors and accrued income and £NIL (2024: £1,433) due to this company is included in creditors.

Purchases from another company controlled by another former director in the year were £12,000 (2024: £2,000). Expenses of £3,312 (2024: £NIL) have been recharged to this company.

Purchases of £NIL (2024: £26) have been made from the former directors. There are also purchases made on behalf of former directors of £NIL (2024: £8,496). Sales of fixed assets of £15,500 (2024: £NIL) have been made to the former directors in the year and at the year end £18,600 (2024: £NIL) due from former directors is included in debtors.

15. ULTIMATE CONTROLLING PARTY

The entire share capital of Newchurch Farms Ltd was purchased by Corbett Farms Ltd on 26 March 2025. Corbett Farms Ltd is therefore now the parent company (registered office: Ox House, Shobdon, Leominster, Herefordshire, HR6 9LT). There is no ultimate controlling party of Corbett Farms Ltd and so no ultimate controlling party of Newchurch Farms Ltd.