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REGISTERED NUMBER: 00617948 (England and Wales)




















Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Odstone Farms Limited

Odstone Farms Limited (Registered number: 00617948)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Odstone Farms Limited

Company Information
for the Year Ended 31 December 2024







DIRECTOR: R R Mawle





SECRETARY: J R Mawle





REGISTERED OFFICE: Great Collibeer
South Tawton
OKEHAMPTON
Devon
EX20 2LX





REGISTERED NUMBER: 00617948 (England and Wales)

Odstone Farms Limited (Registered number: 00617948)

Balance Sheet
31 December 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 3,645,165 3,615,426
Investment property 6 132,361 -
3,777,526 3,615,426

CURRENT ASSETS
Stocks 7 157,112 163,299
Debtors 8 60,992 58,572
Cash in hand 10 10
218,114 221,881
CREDITORS
Amounts falling due within one year 9 73,114 39,388
NET CURRENT ASSETS 145,000 182,493
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,922,526

3,797,919

CREDITORS
Amounts falling due after more than one
year

10

(16,884

)

(26,336

)

PROVISIONS FOR LIABILITIES (805,612 ) (797,927 )
NET ASSETS 3,100,030 2,973,656

CAPITAL AND RESERVES
Called up share capital 5,495 5,495
Capital redemption reserve 1,753 1,753
Retained earnings 3,092,782 2,966,408
SHAREHOLDERS' FUNDS 3,100,030 2,973,656

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 director acknowledges his 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.

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 by the director and authorised for issue on 4 August 2025 and were signed by:





R R Mawle - Director


Odstone Farms Limited (Registered number: 00617948)

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

1. STATUTORY INFORMATION

Odstone 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and value added taxes.

Sale of goods and services

Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the balance sheet date revenue represents the fair value of the service provided to date based on the stage of completion of the contract activity at the balance sheet date. Where payments are received from customer in advance of services provided the amounts are recorded as deferred income and included as part of creditors due within one year.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating to either revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold land and buildings - 2% on straight line basis
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Freehold land included within freehold property is not depreciated.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stock is stated at the lower of cost and estimated selling price less costs to complete and sell. Stock is recognised as an expense in the period in which the related revenue is recognised.

At the end of each reporting period stock is assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment is recognised in the profit and loss account. Where a reversal of the impairment is recognised the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

Odstone Farms Limited (Registered number: 00617948)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors are initially recognised at fair value and therefore stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

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 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.

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

Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

5. TANGIBLE FIXED ASSETS
Freehold
land and Plant and Motor
buildings machinery vehicles Totals
£    £    £    £   
COST
At 1 January 2024 3,661,565 457,877 10,995 4,130,437
Additions - 51,341 - 51,341
Disposals - (58,000 ) - (58,000 )
At 31 December 2024 3,661,565 451,218 10,995 4,123,778
DEPRECIATION
At 1 January 2024 113,206 390,920 10,885 515,011
Charge for year 1,000 19,578 27 20,605
Eliminated on disposal - (57,003 ) - (57,003 )
At 31 December 2024 114,206 353,495 10,912 478,613
NET BOOK VALUE
At 31 December 2024 3,547,359 97,723 83 3,645,165
At 31 December 2023 3,548,359 66,957 110 3,615,426

Odstone Farms Limited (Registered number: 00617948)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
Additions 132,361
At 31 December 2024 132,361
NET BOOK VALUE
At 31 December 2024 132,361

7. STOCKS
2024 2023
£    £   
Grain and consumables 106,842 118,618
Cultivations 21,890 19,425
Livestock 28,380 25,256
157,112 163,299

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 33,805 39,260
Other debtors 14,882 7,810
Prepayments and accrued income 12,305 11,502
60,992 58,572

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 23,924 3,899
Trade creditors 16,352 5,231
Tax 6,997 4,975
Other Creditors 394 394
Shareholders loan account 8,909 8,909
Directors current account 11,563 11,000
Accruals 4,975 4,980
73,114 39,388

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 1,262 3,163
Bank loans - 2-5 years 3,785 9,488
Bank loans more than 5 years repayable by
instalments

11,837

13,685
16,884 26,336

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years repayable by
instalments

11,837

13,685

Odstone Farms Limited (Registered number: 00617948)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 22,662 736
Bank loans 18,146 29,499
40,808 30,235

The bank holds a first legal charge over 2 of the freehold properties of the company.

12. ULTIMATE CONTROLLING PARTY

The controlling party is J I Mawle.