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Company No: 05559089 (England and Wales)

FOXCOMBE FARM (SOMERSET) LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2024
Pages for filing with the registrar

FOXCOMBE FARM (SOMERSET) LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2024

Contents

FOXCOMBE FARM (SOMERSET) LIMITED

BALANCE SHEET

As at 30 November 2024
FOXCOMBE FARM (SOMERSET) LIMITED

BALANCE SHEET (continued)

As at 30 November 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 4,674,679 4,458,746
4,674,679 4,458,746
Current assets
Stocks 5 138,759 134,306
Debtors 6 168,396 167,273
Cash at bank and in hand 23 23
307,178 301,602
Creditors: amounts falling due within one year 7 ( 726,814) ( 664,907)
Net current liabilities (419,636) (363,305)
Total assets less current liabilities 4,255,043 4,095,441
Creditors: amounts falling due after more than one year 8 ( 1,762,672) ( 1,738,429)
Provision for liabilities ( 551,358) ( 515,631)
Net assets 1,941,013 1,841,381
Capital and reserves
Called-up share capital 100 100
Profit and loss account 1,940,913 1,841,281
Total shareholders' funds 1,941,013 1,841,381

For the financial year ending 30 November 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Foxcombe Farm (Somerset) Limited (registered number: 05559089) were approved and authorised for issue by the Director on 23 July 2025. They were signed on its behalf by:

Mr J M Angell
Director
FOXCOMBE FARM (SOMERSET) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2024
FOXCOMBE FARM (SOMERSET) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2024
1. Accounting policies

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.

General information and basis of accounting

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.

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.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

Taxation

Current 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 corporation 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
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed 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.

Land and buildings 50 years straight line
Biological assets 10 years straight line
Plant and machinery 12.5 % reducing balance
Vehicles 20 % reducing balance
Leases

The Company as lessee
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.

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 stocks 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.

Financial instruments

The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 4 4

3. Intangible assets

Entitlements Total
£ £
Cost
At 01 December 2023 47,924 47,924
At 30 November 2024 47,924 47,924
Accumulated amortisation
At 01 December 2023 47,924 47,924
At 30 November 2024 47,924 47,924
Net book value
At 30 November 2024 0 0
At 30 November 2023 0 0

4. Tangible assets

Land and buildings Biological assets Plant and machinery Vehicles Total
£ £ £ £ £
Cost
At 01 December 2023 3,406,224 581,514 882,649 232,300 5,102,687
Additions 5,792 232,154 29,219 280,550 547,715
Disposals 0 ( 179,521) ( 71,096) ( 89,050) ( 339,667)
Transfers 0 14,400 0 0 14,400
At 30 November 2024 3,412,016 648,547 840,772 423,800 5,325,135
Accumulated depreciation
At 01 December 2023 1,177 69,687 478,132 94,945 643,941
Charge for the financial year 397 29,335 51,220 44,676 125,628
Disposals 0 ( 30,006) ( 48,524) ( 40,583) ( 119,113)
At 30 November 2024 1,574 69,016 480,828 99,038 650,456
Net book value
At 30 November 2024 3,410,442 579,531 359,944 324,762 4,674,679
At 30 November 2023 3,405,047 511,827 404,517 137,355 4,458,746

5. Stocks

2024 2023
£ £
Stocks 138,759 134,306

6. Debtors

2024 2023
£ £
Trade debtors 136,416 131,522
Prepayments 15,960 16,720
VAT recoverable 16,020 19,031
168,396 167,273

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 226,387 190,826
Trade creditors 248,916 272,886
Corporation tax 29,752 26,013
Obligations under finance leases and hire purchase contracts 69,756 53,753
Other creditors 152,003 121,429
726,814 664,907

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 1,646,145 1,707,243
Obligations under finance leases and hire purchase contracts 113,027 27,186
Other creditors 3,500 4,000
1,762,672 1,738,429

The carrying amount of bank loans at year end is £1,749,623 (2023 - £1,792,111).
The bank loans and borrowings are secured by way of fixed and floating charge against all assets of the company.

The carrying amount of Hire purchase contracts at year end is £182,782 (2023 - £80,939).
The amounts held under hire purchase contracts are secured against the assets to which they relate.