| REGISTERED NUMBER: |
| Newchurch Farms Limited |
| Unaudited Financial Statements |
| for the Period |
| 1 April 2024 to 26 March 2025 |
| REGISTERED NUMBER: |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 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. |
| trading as The Hutchinson Partnership |
| Chartered Accountants |
| The Bull Pen |
| Grove Farm |
| Portway, Burghill |
| Hereford |
| HR4 8NF |
| Newchurch Farms Limited (Registered number: 01649054) |
| Balance Sheet |
| 26 March 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| Investments | 6 |
| Investment property | 7 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 8 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 9 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
10 |
( |
) |
| PROVISIONS FOR LIABILITIES | 12 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Allotted, issued and fully |
| paid share capital |
| Share premium |
| Non-distributable reserve |
| Retained earnings |
| 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 were approved by the Board of Directors and authorised for issue on |
| 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 |
| 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 |
| Freehold property | - |
| Improvements to property | - |
| Plant and machinery | - |
| 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 |
| 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 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 26 March 2025 |
| DEPRECIATION |
| At 1 April 2024 |
| Charge for period |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 26 March 2025 |
| NET BOOK VALUE |
| At 26 March 2025 |
| At 31 March 2024 |
| 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 |
| At 31 March 2024 |
| 7. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 April 2024 |
| and 26 March 2025 |
| NET BOOK VALUE |
| At 26 March 2025 |
| At 31 March 2024 |
| 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 |
| Other debtors |
| Directors' current accounts | - | 74,329 |
| VAT |
| Prepayments and accrued income |
| Amounts falling due after more than one year: |
| Directors' loan accounts | - | 634,328 |
| S455 tax | 229,223 | 229,224 |
| Aggregate amounts |
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Corporation tax payable |
| Social security and other taxes |
| Directors' current accounts | 365 | - |
| Accruals and deferred income |
| 10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Bank loans - due within 1 to 2 years |
| 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 |
| 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 |
| Advanced capital allowances | 1,920 |
| Losses | (83 | ) |
| Fair value adjustments | 21,976 |
| Balance at 26 March 2025 |
| 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. |