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REGISTERED NUMBER: 03115021 (England and Wales)















A.R. CRAVEN FARMS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024






A.R. CRAVEN FARMS LIMITED (REGISTERED NUMBER: 03115021)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 9

Accountants' Report 10

A.R. CRAVEN FARMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: A R Craven
Mrs J M Craven
J R Craven
T A Craven





SECRETARY: Mrs J M Craven





REGISTERED OFFICE: Poplar Farm
Main Road
Stickford
Boston
Lincolnshire
PE22 8EL





REGISTERED NUMBER: 03115021 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
18 Northgate
Sleaford
Lincolnshire
NG34 7BJ

A.R. CRAVEN FARMS LIMITED (REGISTERED NUMBER: 03115021)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,432,994 12,625,081
Investments 5 1 1
5,432,995 12,625,082

CURRENT ASSETS
Valuation 1,379,214 1,479,723
Debtors 6 2,560,087 2,229,186
Cash at bank 403,059 226,195
4,342,360 3,935,104
CREDITORS
Amounts falling due within one year 7 2,238,389 1,791,994
NET CURRENT ASSETS 2,103,971 2,143,110
TOTAL ASSETS LESS CURRENT LIABILITIES 7,536,966 14,768,192

CREDITORS
Amounts falling due after more than one year 8 (3,303,669 ) (4,559,654 )

PROVISIONS FOR LIABILITIES (986,878 ) (962,335 )
NET ASSETS 3,246,419 9,246,203

CAPITAL AND RESERVES
Called up share capital 10 10,000 10,000
Share premium 2,146,792 2,146,792
Retained earnings 1,089,627 7,089,411
SHAREHOLDERS' FUNDS 3,246,419 9,246,203

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 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.

A.R. CRAVEN FARMS LIMITED (REGISTERED NUMBER: 03115021)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2024


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 Income Statement has not been delivered.

The financial statements were approved the Board of Directors and authorised for issue on 24 July 2025 and were signed on its behalf by:





A R Craven - Director


A.R. CRAVEN FARMS LIMITED (REGISTERED NUMBER: 03115021)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1. STATUTORY INFORMATION

A.R. Craven Farms 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 12.5% on reducing balance, 5% on cost and 4% on cost
Plant and machinery etc - 33% on reducing balance, 25% on reducing balance, 15% on reducing balance, 12.5% on reducing balance and 5% on cost

Included within freehold property are houses which are rented out to staff members, their presence on site being integral to their employment. All properties have agricultural ties and are therefore not considered to be investment properties.

Depreciation is not charged on value attributable to land included within the land and buildings cost.

Valuation
A professional valuation is carried out each year by an independent agricultural valuer. Stock is valued at the lower of cost and fair value less costs to complete and sell after making due allowance for slow moving items. Costs include any cost of production incurred to bring the stock to its state at the balance sheet date.

Financial instruments
The company has chosen to adopt the FRS102 1A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

A.R. CRAVEN FARMS LIMITED (REGISTERED NUMBER: 03115021)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 statement of financial position 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 estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to 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 profit or loss on a straight line basis over the period of the lease.

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 the profit and loss account in the period to which they relate.

Government grants
Grants are recognised as income in the period in which they become receivable.

Investments
Investments held as fixed assets are shown at cost less provisions for impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2023 - 21 ) .

A.R. CRAVEN FARMS LIMITED (REGISTERED NUMBER: 03115021)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 January 2024 9,001,031 7,492,094 16,493,125
Additions 63,290 517,260 580,550
Disposals (15,701,256 ) (166,695 ) (15,867,951 )
Revaluations 8,694,223 - 8,694,223
At 31 December 2024 2,057,288 7,842,659 9,899,947
DEPRECIATION
At 1 January 2024 494,193 3,373,851 3,868,044
Charge for year 95,899 601,826 697,725
Eliminated on disposal - (98,816 ) (98,816 )
At 31 December 2024 590,092 3,876,861 4,466,953
NET BOOK VALUE
At 31 December 2024 1,467,196 3,965,798 5,432,994
At 31 December 2023 8,506,838 4,118,243 12,625,081

Cost or valuation at 31 December 2024 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Cost 2,057,288 7,842,659 9,899,947

The net book value of tangible fixed assets includes £ 712,431 (2023 - £ 1,006,061 ) in respect of assets held under hire purchase contracts and finance leases.

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2024
and 31 December 2024 1
NET BOOK VALUE
At 31 December 2024 1
At 31 December 2023 1

6. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 2,013,131 1,702,145
Other debtors 126,956 107,041
2,140,087 1,809,186

A.R. CRAVEN FARMS LIMITED (REGISTERED NUMBER: 03115021)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

6. DEBTORS - continued
2024 2023
£    £   
Amounts falling due after more than one year:
Other debtors 420,000 420,000

Aggregate amounts 2,560,087 2,229,186

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 333,850 364,019
Hire purchase contracts and finance leases 146,218 223,881
Trade creditors 624,961 664,249
Taxation and social security 304,586 432,487
Other creditors 828,774 107,358
2,238,389 1,791,994

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 3,164,384 4,413,867
Hire purchase contracts and finance leases 139,285 145,787
3,303,669 4,559,654

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 406,000 406,000

Repayable by instalments
Bank loans 1,784,929 2,670,523

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 3,498,234 4,777,886
Hire purchase contracts and finance leases 285,503 369,668
3,783,737 5,147,554

The hire purchase and lease purchase liabilities are secured on the assets to which they relate.

The bank overdraft is secured by a debenture over the company's assets dated 10 May 2010 in favour of the National Westminster Bank Plc.

The bank loans are secured by various charges over land in favour of the Agricultural Mortgage Company Plc and the National Westminster Bank Plc.

The amount within other creditors which are loans for the purchase of plant and machinery are secured upon the equipment to which they relate.

A.R. CRAVEN FARMS LIMITED (REGISTERED NUMBER: 03115021)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
10,000 Ordinary shares £1 10,000 10,000

11. RESERVES
Revaluation
reserve
£   
Land revaluation 8,694,223
Transfer to retained earnings (8,694,223 )

At 31 December 2024 -

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2024 and 31 December 2023:

2024 2023
£    £   
A R Craven
Balance outstanding at start of year (6,529 ) (1,503 )
Amounts advanced 5,022 (5,026 )
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (1,507 ) (6,529 )

Mrs J M Craven
Balance outstanding at start of year (10 ) (1,003,386 )
Amounts advanced 6,923 1,003,376
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 6,913 (10 )

At the year end date the company owed the directors £1,507 (2023: £6,539). The loans are unsecured, interest free and repayable on demand.

A.R. CRAVEN FARMS LIMITED (REGISTERED NUMBER: 03115021)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

13. RELATED PARTY DISCLOSURES

During the year, the company revalued its freehold property to fair value. The revaluation was performed by independent valuers Wilkin Chapman LLP, based on the market value of similar properties in the area.

The revalued amount of the property was £15,701,256. The revaluation surplus of £8,694,223 has been recognised in the revaluation reserve within equity.

On 9th February 2024, the company disposed of the revalued property to its parent company (Craven Farm Holdings Ltd) for a consideration of £15,701,256.

The carrying value of the property at the date of disposal was £15,701,256, resulting in no gain or loss on disposal.

The transaction was settled by the intercompany account, which was fully settled by the declaration of an interim dividend of £15,701,256.

The parent company, Craven Farm Holdings Ltd, owns 100% of the company's ordinary shares.

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
A.R. CRAVEN 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 Statement of Financial Position. Readers are cautioned that the Income Statement 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 A.R. Craven Farms Limited for the year ended 31 December 2024 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of A.R. Craven 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 A.R. Craven Farms Limited and state those matters that we have agreed to state to the Board of Directors of A.R. Craven Farms Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that A.R. Craven 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 A.R. Craven Farms Limited. You consider that A.R. Craven Farms 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 A.R. Craven 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.






Duncan & Toplis Limited
18 Northgate
Sleaford
Lincolnshire
NG34 7BJ


16 July 2025