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REGISTERED NUMBER: 03383099 (England and Wales)














Lower Hope Fruit Limited

Unaudited Financial Statements

for the Year Ended 28 February 2025






Lower Hope Fruit Limited (Registered number: 03383099)

Contents of the Financial Statements
for the Year Ended 28 February 2025










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


Lower Hope Fruit Limited

Company Information
for the Year Ended 28 February 2025







DIRECTORS: SA Richards
RG Woolf



SECRETARY: Lower Hope Investments Limited



REGISTERED OFFICE: Lower Hope
Ullingswick
Hereford
Herefordshire
HR1 3JF



REGISTERED NUMBER: 03383099 (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



BANKERS: HSBC Bank plc
35 High Street
Hereford
Herefordshire
HR1 2AQ



SOLICITORS: Hegarty Solicitors LLP
48 Broadway
Peterborough
PE1 1YW

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Lower Hope Fruit 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 Statement of Income and Retained Earnings 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 Lower Hope Fruit Limited for the year ended 28 February 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet 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 Lower Hope Fruit 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 Lower Hope Fruit Limited and state those matters that we have agreed to state to the Board of Directors of Lower Hope Fruit 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 Lower Hope Fruit Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Lower Hope Fruit 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 loss of Lower Hope Fruit Limited. You consider that Lower Hope Fruit 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 financial statements of Lower Hope Fruit 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


31 July 2025

Lower Hope Fruit Limited (Registered number: 03383099)

Balance Sheet
28 February 2025

2025 2024
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,165,895 2,488,793

CURRENT ASSETS
Stocks 5 257,194 283,632
Debtors 6 527,358 232,477
Cash at bank and in hand 3,429 4,242
787,981 520,351
CREDITORS
Amounts falling due within one year 7 440,589 424,778
NET CURRENT ASSETS 347,392 95,573
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,513,287

2,584,366

CREDITORS
Amounts falling due after more than one
year

8

78,063

98,752
NET ASSETS 2,435,224 2,485,614

CAPITAL AND RESERVES
Allotted, issued and fully paid share capital 250,000 250,000
Retained earnings 2,185,224 2,235,614
SHAREHOLDERS' FUNDS 2,435,224 2,485,614

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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.

Lower Hope Fruit Limited (Registered number: 03383099)

Balance Sheet - continued
28 February 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 July 2025 and were signed on its behalf by:





SA Richards - Director


Lower Hope Fruit Limited (Registered number: 03383099)

Notes to the Financial Statements
for the Year Ended 28 February 2025


1. STATUTORY INFORMATION

Lower Hope Fruit 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. 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.

Going concern
The company is reviewing its fruit enterprises in light of market conditions with a focus on long-term profitability. With management, maintenance and investment the fruit plantations have the potential to produce a sufficient quantity of fruit to generate a profit, subject to the impact of weather and market conditions. The company plans to continue meeting its working capital requirements through a combination of overdraft facilities and loans from other entities controlled by the directors. The overdraft facility has been agreed until 30 April 2026.

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

Turnover
Turnover represents fruit sales, wreath sales, rental income and contract and pack house 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 be met before revenue is recognised:

Fruit sales are recognised when the fruit is collected from the farm, with the exception of apples that are sold on consignments and recognised when the agent sells the goods.

Wreath sales are recognised when they are collected from the farm.

Rental income is recognised when the tenant has occupied the property or has had access to it during the rental period.

Contracting and pack house income is recognised in the period the work has been carried out.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 5% on reducing balance and at varying rates on cost
Plant and machinery etc - at varying rates on cost

Freehold land is not depreciated.

Lower Hope Fruit Limited (Registered number: 03383099)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2025


2. 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.

The company has the following biological assets which are valued as follows:

Growing crop - valued at the cost of inputs and cultivations up to the period end.
Apple and cherry orchards - valued at cost less accumulated depreciation. Depreciation is charged on a straight line basis over the estimated useful life of 10 years.
Raspberry plantations - valued at cost less accumulated depreciation. Depreciation is charged on a straight line basis over the estimated useful life of 5 years. New technology means that new, potted, raspberry canes are written off in the year of purchase.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 year 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their useful lives. Those held under finance leases are depreciated over their useful lives or the lease term, whichever is the shorter.

The interest elements of these obligations is charged to the profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit or loss on a straight line basis over the period of the lease.

Lower Hope Fruit Limited (Registered number: 03383099)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2025


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Capital grants
Capital grants received are capitalised and amortised to the profit and loss account over a period consistent with the depreciation policy of the fixed asset to which they relate.

3. EMPLOYEES

The average number of employees during the year was 69 (2024 - 77 ) .

4. TANGIBLE FIXED ASSETS
Tractors
Freehold Plant and and
property machinery vehicles Totals
£    £    £    £   
COST
At 1 March 2024 2,158,821 5,191,869 445,683 7,796,373
Additions 11,583 24,508 6,750 42,841
Disposals - - (41,499 ) (41,499 )
At 28 February 2025 2,170,404 5,216,377 410,934 7,797,715
DEPRECIATION
At 1 March 2024 1,058,049 3,961,234 288,297 5,307,580
Charge for year 48,621 261,651 46,709 356,981
Eliminated on disposal - - (32,741 ) (32,741 )
At 28 February 2025 1,106,670 4,222,885 302,265 5,631,820
NET BOOK VALUE
At 28 February 2025 1,063,734 993,492 108,669 2,165,895
At 29 February 2024 1,100,772 1,230,635 157,386 2,488,793

Included in cost of land and buildings is freehold land of £ 667,831 (2024 - £ 667,831 ) which is not depreciated.

The net book value of tangible fixed assets includes £Nil (2024 - £186,800) in respect of assets held under hire purchase contracts.

5. STOCKS
2025 2024
£    £   
Valuation - general 7,260 2,509
Raw materials valuation 107,679 111,813
Growing crop valuation 142,255 169,310
257,194 283,632

Lower Hope Fruit Limited (Registered number: 03383099)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2025


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Trade debtors 18,878 35,567
Prepayments and accrued income 222,808 55,467
Intercompany loan 88,065 -
VAT 24,174 13,291
Deferred tax asset 173,433 128,152
527,358 232,477

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Bank loans and overdrafts 343,913 211,563
Hire purchase contracts - 41,784
Trade creditors 29,504 57,633
Social security and other taxes 1,710 6,125
Other creditors 8,054 57,562
Accruals and deferred income 57,408 50,111
440,589 424,778

Accruals and deferred income includes deferred capital grants of £20,689 (2024 - £21,215).

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2025 2024
£    £   
Accruals and deferred income 78,063 98,752

Accruals and deferred income includes deferred capital grants of £78,063 (2024 - £98,752).

9. SECURED DEBTS

The following secured debts are included within creditors:

2025 2024
£    £   
Bank overdrafts 343,913 211,563
Hire purchase contracts - 41,784
343,913 253,347

The bank overdraft is secured by a debenture dated 28 May 1998 which has a fixed and floating charge over the undertaking and all the property and assets. In addition to this, there is a legal mortgage dated 31 January 2017 in favour of HSBC over the freehold property at Sidnall Farm, Ullingswick, Hereford.

Lower Hope Fruit Limited (Registered number: 03383099)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2025


10. DEFERRED TAX
£   
Balance at 1 March 2024 (128,152 )
Provided during year (45,281 )
Balance at 28 February 2025 (173,433 )

11. OTHER FINANCIAL COMMITMENTS

At the year end the company had future operating lease commitments of £8,476.

At the year end the company was committed to purchases totalling £117,752.

12. RELATED PARTY DISCLOSURES

Included in other creditors is a loan due to an LLP under common control of £Nil (2024 - £51,360). This is interest free and repayable on demand. The LLP also rents arable land from the Company.

Included in other debtors is a loan due to an LLP under common control of £88,065. Interest has been charged on the loan at 2.25%. This loan is unsecured and repayable on demand.