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Registration number: 00692758

Horton House Farm Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2024

 

Horton House Farm Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 13

 

Horton House Farm Limited

Company Information

Directors

Mrs R E Rider

Mr J S Rider

Registered office

Horton House
Horton
Devizes
Wiltshire
SN10 3LX

Accountants

Burton Sweet (Thornbury)
Chartered Certified Accountants
Cornerstone House
Midland Way
Thornbury
Bristol
BS35 2BS

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Horton House Farm Limited
for the Year Ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Horton House Farm Limited for the year ended 31 December 2024 as set out on pages 3 to 13 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Horton House Farm Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Horton House Farm Limited and state those matters that we have agreed to state to the Board of Directors of Horton House Farm Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Horton House Farm Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Horton House 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 Horton House Farm Limited. You consider that Horton House 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 Horton House 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.

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

Burton Sweet (Thornbury)
Chartered Certified Accountants
Cornerstone House
Midland Way
Thornbury
Bristol
BS35 2BS

2 April 2025

 

Horton House Farm Limited

(Registration number: 00692758)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,081,605

1,071,432

Other financial assets

5

-

60

 

1,081,605

1,071,492

Current assets

 

Stocks

6

636,919

673,046

Debtors

7

212,258

102,075

Cash at bank and in hand

 

19,775

-

 

868,952

775,121

Creditors: Amounts falling due within one year

8

(121,980)

(88,946)

Net current assets

 

746,972

686,175

Total assets less current liabilities

 

1,828,577

1,757,667

Creditors: Amounts falling due after more than one year

8

(563,786)

(582,090)

Provisions for liabilities

(21,478)

(12,745)

Net assets

 

1,243,313

1,162,832

Capital and reserves

 

Called up share capital

25,000

25,000

Retained earnings

1,218,313

1,137,832

Shareholders' funds

 

1,243,313

1,162,832

For the financial year ending 31 December 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.

 

Horton House Farm Limited

(Registration number: 00692758)
Balance Sheet as at 31 December 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 2 April 2025 and signed on its behalf by:
 

.........................................
Mr J S Rider
Director

 

Horton House Farm Limited

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

1

General information

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

The address of its registered office is:
Horton House
Horton
Devizes
Wiltshire
SN10 3LX

These financial statements were authorised for issue by the Board on 2 April 2025.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

 

Horton House Farm Limited

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

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

Freehold

10% Reducing Balance

Plant & Machinery

25% Reducing Balance

Motor Vehicles

25% Reducing Balance

Fixtures & Fittings

15% Reducing Balance

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.

 

Horton House Farm Limited

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

 

Horton House Farm Limited

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

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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).

 

Horton House Farm Limited

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

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Other tangible assets
 £

Total
£

Cost or valuation

At 1 January 2024

1,071,422

9,251

1,968

210,984

1,293,625

Additions

-

-

17,267

30,133

47,400

At 31 December 2024

1,071,422

9,251

19,235

241,117

1,341,025

Depreciation

At 1 January 2024

67,070

5,509

1,663

147,951

222,193

Charge for the year

8,657

-

4,393

23,615

36,665

Eliminated on disposal

-

562

-

-

562

At 31 December 2024

75,727

6,071

6,056

171,566

259,420

Carrying amount

At 31 December 2024

995,695

3,180

13,179

69,551

1,081,605

At 31 December 2023

1,004,352

3,742

305

63,033

1,071,432

 

Horton House Farm Limited

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

Included within the net book value of land and buildings above is £995,695 (2023 - £1,004,352) in respect of freehold land and buildings.
 

 

Horton House Farm Limited

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

5

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 January 2024

60

-

60

Disposals

-

(60)

(60)

At 31 December 2024

60

(60)

-

Impairment

Carrying amount

At 31 December 2024

60

(60)

-

6

Stocks

2024
£

2023
£

Other inventories

636,919

673,046

7

Debtors

Current

2024
£

2023
£

Trade debtors

212,258

78,941

Other debtors

-

23,134

 

212,258

102,075

 

Horton House Farm Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

39,456

56,845

Trade creditors

 

34,728

22,367

Taxation and social security

 

44,775

6,846

Accruals and deferred income

 

3,000

2,888

Other creditors

 

21

-

 

121,980

88,946

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

563,786

582,090

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

563,786

582,090

Current loans and borrowings

2024
£

2023
£

Bank borrowings

39,456

56,426

Bank overdrafts

-

419

39,456

56,845

 

Horton House Farm Limited

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

10

Related party transactions

2024

At 1 January 2024
£

Repayments by director
£

At 31 December 2024
£

Loan

(13,368)

13,389

21

2023

At 1 January 2023
£

Repayments by director
£

At 31 December 2023
£

Loan

(13,536)

167

(13,368)