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REGISTRAR OF COMPANIES

Registration number: 05753737

Floshes Farm Limited

Unaudited Financial Statements

31 October 2024

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Floshes Farm Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Floshes Farm Limited
for the Year Ended 31 October 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Floshes Farm Limited for the year ended 31 October 2024 as set out on pages 2 to 10 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 at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Floshes Farm Limited, as a body, in accordance with the terms of our engagement letter dated 1 March 2024. Our work has been undertaken solely to prepare for your approval the accounts of Floshes Farm Limited and state those matters that we have agreed to state to the Board of Directors of Floshes Farm Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Floshes Farm Limited and its Board of Directors as a body for our work or for this report.

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

We have not been instructed to carry out an audit or a review of the accounts of Floshes Farm 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 accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

24 July 2025

 

Floshes Farm Limited

(Registration number: 05753737)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

2,333,426

2,191,491

Current assets

 

Stocks

176,770

282,855

Debtors

6

572,615

395,702

Cash at bank and in hand

 

350,896

210,718

 

1,100,281

889,275

Creditors: Amounts falling due within one year

7

(668,510)

(715,449)

Net current assets

 

431,771

173,826

Total assets less current liabilities

 

2,765,197

2,365,317

Creditors: Amounts falling due after more than one year

7

(466,349)

(373,437)

Provisions for liabilities

(547,363)

(508,493)

Net assets

 

1,751,485

1,483,387

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Profit and loss account

1,751,385

1,483,287

Total equity

 

1,751,485

1,483,387

 

Floshes Farm Limited

(Registration number: 05753737)
Balance Sheet as at 31 October 2024 (continued)

For the financial year ending 31 October 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 July 2025 and signed on its behalf by:
 

.........................................

S J Nelson

Director

.........................................

M S Nelson

Director

 

Floshes Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Floshes
Durdar
CARLISLE
CA2 4TR

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Government grants

Government grants such as the basic payment scheme are included in the profit and loss account when all the necessary conditions for receipt have been met.


Other grants
Other grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets on a basis consistent with the depreciation policy.

Basic payment scheme

The amount paid in connection with the purchase of the basic payment scheme entitlement was amortised over the useful economic life of that entitlement, and has now been fully amortised.

 

Floshes Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

4% straight line basis and no depreciation

Plant and equipment

15% reducing balance basis and 10 years straight line basis

Motor vehicles

25% reducing balance basis

Office equipment

3 years straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Floshes Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

Stocks

Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Floshes Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

Floshes Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

4

Intangible assets

Basic payment scheme
 £

Total
£

Cost or valuation

At 1 November 2023

179,461

179,461

At 31 October 2024

179,461

179,461

Amortisation

At 1 November 2023

179,461

179,461

At 31 October 2024

179,461

179,461

Carrying amount

At 31 October 2024

-

-

5

Tangible assets

Land and buildings
£

Plant and equipment
 £

Motor vehicles
 £

Office equipment
 £

Total
£

Cost or valuation

At 1 November 2023

212,082

3,219,626

25,315

1,598

3,458,621

Additions

-

964,567

14,000

-

978,567

Disposals

(3,876)

(662,965)

-

-

(666,841)

At 31 October 2024

208,206

3,521,228

39,315

1,598

3,770,347

Depreciation

At 1 November 2023

59,699

1,183,639

22,801

991

1,267,130

Charge for the year

8,084

361,479

2,087

347

371,997

Eliminated on disposal

-

(202,206)

-

-

(202,206)

At 31 October 2024

67,783

1,342,912

24,888

1,338

1,436,921

Carrying amount

At 31 October 2024

140,423

2,178,316

14,427

260

2,333,426

At 31 October 2023

152,383

2,035,987

2,514

607

2,191,491

 

Floshes Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

6

Debtors

2024
£

2023
£

Trade debtors

572,062

389,984

Other debtors

553

5,718

572,615

395,702

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

466,281

530,854

Trade creditors

 

63,122

59,324

Taxation and social security

 

30,260

12,585

Corporation tax liability

 

66,747

50,904

Other creditors

 

42,100

61,782

 

668,510

715,449

Due after one year

 

Loans and borrowings

8

457,167

362,636

Other creditors

 

9,182

10,801

 

466,349

373,437

 

Floshes Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Finance lease liabilities

234,988

248,749

Other borrowings

231,293

282,105

466,281

530,854

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Finance lease liabilities

234,988

248,749

Finance lease liabilities are secured on the assets to which they relate.

2024
£

2023
£

Non-current loans and borrowings

Finance lease liabilities

457,167

362,636

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Finance lease liabilities

457,167

362,636

Finance lease liabilities are secured on the assets to which they relate.