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Registration number: 00777850

Grainsby Farms Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2024

 

Grainsby Farms Limited

Contents

Company Information

1

Directors' Report

2

Statement of Directors' Responsibilities

3

Accountants' Report

4

Statement of Income and Retained Earnings

5

Balance Sheet

6

Notes to the Unaudited Financial Statements

7 to 13

 

Grainsby Farms Limited

Company Information



 

Directors

R H C Haigh

D L C Haigh

M P Spence

Mrs H E Haigh

Company Secretary

Mrs F E M Muldoon

Registered office

The Estate Office
Grainsby
Grimsby
N E Lincolnshire
DN36 5PU

Solicitors

Boodle Hatfield LLP
240 Blackfriars Road
London
SE1 8NW

Bankers

HSBC
221 High Street
Lincoln
LN1 1TS

Accountants

Forrester Boyd
Chartered Accountants
Waynflete House
139 Eastgate
Louth
Lincolnshire
LN11 9QQ

 

Grainsby Farms Limited

Directors' Report for the Year Ended 31 December 2024

The Directors present their report and the financial statements for the year ended 31 December 2024.

Directors of the Company

The Directors who held office during the year were as follows:

R H C Haigh

D L C Haigh

M P Spence

Mrs H E Haigh

Fixed assets
The movement on fixed assets is set out in note 5 to the accounts. In the opinion of the directors the value of the Freehold Land and Buildings is substantially above the book value as shown in the accounts. It is impracticable to be precise about the enhanced value without a professional valuation which is not contemplated at the present time.

Small companies provision statement

This report has 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 June 2025 and signed on its behalf by:
 

.........................................
R H C Haigh
Director

 

Grainsby Farms Limited

Statement of Directors' Responsibilities

The Directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the Directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Grainsby Farms 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 Grainsby Farms Limited for the year ended 31 December 2024 as set out on pages 5 to 13 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 at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Grainsby Farms Limited, as a body, in accordance with the terms of our engagement letter dated 28 February 2024. Our work has been undertaken solely to prepare for your approval the accounts of Grainsby Farms Limited and state those matters that we have agreed to state to the Board of Directors of Grainsby Farms Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Grainsby Farms Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Grainsby Farms 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 Grainsby Farms Limited. You consider that Grainsby 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 accounts of Grainsby 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 accounts.

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

Forrester Boyd
Chartered Accountants
Waynflete House
139 Eastgate
Louth
Lincolnshire
LN11 9QQ

2 June 2025

 

Grainsby Farms Limited

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 December 2024

Note

2024
£

2023
£

Turnover

 

1,944,873

2,377,558

Cost of sales

 

(1,265,135)

(1,043,214)

Gross profit

 

679,738

1,334,344

Administrative expenses

 

(464,832)

(455,354)

Other operating income

 

271,438

276,979

Operating profit

 

486,344

1,155,969

Pension scheme contributions

 

(40,000)

-

Exceptional items

 

-

-

Other interest receivable and similar charges

 

125,525

107,603

Interest payable and similar charges

 

(11,454)

(12,430)

Profit before tax

4

560,415

1,251,142

Taxation

 

(150,543)

(439,095)

Profit for the financial year

 

409,872

812,047

Retained earnings brought forward

 

13,087,135

12,372,588

Dividends paid

 

(78,000)

(97,500)

Retained earnings carried forward

 

13,419,007

13,087,135

 

Grainsby Farms Limited

(Registration number: 00777850)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

9,403,471

9,341,362

 

9,403,471

9,341,362

Current assets

 

Stocks

6

1,719,153

1,852,990

Debtors

7

73,490

103,707

Cash at bank and in hand

 

3,853,719

3,643,214

 

5,646,362

5,599,911

Creditors: Amounts falling due within one year

8

(586,106)

(802,355)

Net current assets

 

5,060,256

4,797,556

Total assets less current liabilities

 

14,463,727

14,138,918

Creditors: Amounts falling due after more than one year

8

(338,042)

(360,536)

Provisions for liabilities

(641,678)

(626,247)

Net assets

 

13,484,007

13,152,135

Capital and reserves

 

Called up share capital

9

65,000

65,000

Retained earnings

13,419,007

13,087,135

Shareholders' funds

 

13,484,007

13,152,135

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.

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 June 2025 and signed on its behalf by:
 

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

R H C Haigh
Director

 

Grainsby Farms 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 and Wales.

The address of its registered office is:
The Estate Office
Grainsby
Grimsby
N E Lincolnshire
DN36 5PU

Registration number: 00777850.

These financial statements cover the individual entity Grainsby Farms Limited.

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. The financial statements are prepared in sterling which is the functional currency of the company and have been rounded to the nearest pound.

Going concern

The financial statements have been prepared on a going concern basis.

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 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.

Tax

The tax expense for the period comprises current and deferred tax.

The current 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 on temporary differences arising between the tax values of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

Grainsby Farms Limited

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

Tangible assets

Tangible assets are stated in the statement of financial position 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 land and buildings

No depreciation

Machinery, implements and equipment

Reducing balance basis at varying rates between 0%-50%

Motor vehicles

25% reducing balance basis

As Freehold buildings are maintained to such a standard that their residual value is not less than their cost, no depreciation is charged because it is not material.

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.

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 at the transaction price less provision for impairment.

Stocks

The farm valuation has been prepared by the company with detailed reference to actual costs. Produce on hand has been valued at the lower of cost of production, calculated using variable costs plus applicable fixed costs, and net realisable value. The tenantright valuation has also been calculated using variable costs plus applicable fixed costs.

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.

Hire purchase

Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over their useful lives. The capital element of future finance payments is included in creditors. Finance charges are allocated to accounting periods over the length of the contract.

 

Grainsby Farms Limited

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

Share capital

Ordinary shares are classified as equity.

Dividends

Dividend distributions to the company’s shareholders are 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 an employee benefit expense when they are due.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 10 (2023 - 10).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

162,961

142,702

Profit on disposal of tangible fixed assets

(24,467)

(13,210)

138,494

129,492

 

Grainsby Farms Limited

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

5

Tangible assets

Land and buildings
£

Plant and machinery
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

7,252,144

3,051,880

139,149

10,443,173

Additions

26,507

286,196

-

312,703

Disposals

-

(200,010)

-

(200,010)

At 31 December 2024

7,278,651

3,138,066

139,149

10,555,866

Depreciation

At 1 January 2024

-

1,075,642

26,169

1,101,811

Charge for the year

-

134,716

28,245

162,961

Eliminated on disposal

-

(112,377)

-

(112,377)

At 31 December 2024

-

1,097,981

54,414

1,152,395

Carrying amount

At 31 December 2024

7,278,651

2,040,085

84,735

9,403,471

At 31 December 2023

7,252,144

1,976,238

112,980

9,341,362

6

Stocks

2024
£

2023
£

Stores

233,580

272,519

Tenantright

435,108

329,326

Produce

1,050,465

1,251,145

1,719,153

1,852,990

7

Debtors

Current

2024
£

2023
£

Trade debtors

8,435

52,008

Prepayments

41,306

21,790

Other debtors

23,749

29,909

 

73,490

103,707

 

Grainsby Farms 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

 

Long term loan

10

22,000

21,500

Bank overdraft

10

230,000

290,000

Hire purchase liabilities

 

-

34,726

Other borrowings

 

62,866

65,682

Trade creditors

 

14,699

22,587

Taxation and social security

 

142,140

241,463

Other creditors

 

2,035

1,121

Accrued expenses

 

112,366

125,276

 

586,106

802,355

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Long term loan

10

338,042

360,536


Due after more than five years
Creditors includes long term loan repayable by instalments of £250,042 (2023: £274,536) due after more than five years.

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

65,000

65,000

65,000

65,000

       
 

Grainsby Farms Limited

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

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Long term loan

338,042

360,536


 

2024
£

2023
£

Current loans and borrowings

Long term loan

22,000

21,500

Bank overdraft

230,000

290,000

Hire purchase liabilities

-

34,726

Other borrowings

62,866

65,682

314,866

411,908

Both the current and non-current long term loan is secured against land at Hall Farm, Ashby Cum Fenby, North East Lincolnshire comprising 92.66 hectares or thereabouts.

Hire purchase liabilities totalling £nil (2023: £34,726) are secured against the assets acquired.

11

Dividends

   

2024

 

2023

   

£

 

£

Interim dividend of £1.20 per ordinary share (2023: £1.50 per ordinary share)

 

78,000

 

97,500

         
 

Grainsby Farms Limited

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

12

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

99,715

98,475

Contributions paid to money purchase schemes

42,212

1,996

141,927

100,471

Loans to related parties

Other debtors includes £nil (2023: £5,000) due from The Haigh Family First Estate Settlement.