REGISTERED NUMBER: 04295127 (England and Wales)

Quan Farming Company Ltd

Unaudited Financial Statements

for the Year Ended 31 March 2025

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

WM Quan

G Quan

AW Quan

AM Quan

SECRETARY:

G Quan

REGISTERED OFFICE:

Old House Farm

Pontrilas

Hereford

Herefordshire

HR2 0BL

REGISTERED NUMBER:

04295127 (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

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 Quan Farming Company Ltd for the year ended 31 March 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 Quan Farming Company Ltd, 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 Quan Farming Company Ltd and state those matters that we have agreed to state to the Board of Directors of Quan Farming Company Ltd, 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 Quan Farming Company Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Quan Farming Company Ltd 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 Quan Farming Company Ltd. You consider that Quan Farming Company Ltd 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 Quan Farming Company Ltd. 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

4 September 2025

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

164,041

191,446

164,041

191,446

CURRENT ASSETS

Stocks

151,399

126,093

Debtors

6

216,689

266,152

Cash at bank

94,407

140,707

462,495

532,952

CREDITORS

Amounts falling due within one year

7

104,609

144,736

NET CURRENT ASSETS

357,886

388,216

TOTAL ASSETS LESS CURRENT LIABILITIES

521,927

579,662

CREDITORS

Amounts falling due after more than one year

8

(2,653

)

(13,094

)

PROVISIONS FOR LIABILITIES

10

(41,033

)

(48,020

)

NET ASSETS

478,241

518,548

CAPITAL AND RESERVES

Allotted, issued and fully

paid share capital

100

100

Retained earnings

478,141

518,448

SHAREHOLDERS' FUNDS

478,241

518,548

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

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

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 3 September 2025 and were signed on its behalf by:

WM Quan - Director

1.	STATUTORY INFORMATION

Quan Farming Company Ltd 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.

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

Turnover

Turnover represents grain sales 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:

Grain and potato sales are recognised when the grain/produce is collected from the farm, or from the arranged storage facility.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

4% on cost

Plant and machinery

-

15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

The company has the following biological assets within stock which are valued as disclosed:

Crops in store - valued at their estimated cost with reference to current market values

Growing crop - valued at the cost of inputs and cultivations up to the period end

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts are capitalised in the balance sheet and depreciated over their estimated useful lives. 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.

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.

3.

EMPLOYEES

The average number of employees during the year was 3 (2024 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Basic

Payment

Entitlements

£

COST

At 1 April 2024

16,568

Disposals

(16,568

)

At 31 March 2025

-

AMORTISATION

At 1 April 2024

16,568

Eliminated on disposal

(16,568

)

At 31 March 2025

-

NET BOOK VALUE

At 31 March 2025

-

At 31 March 2024

-

5.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

property

machinery

Totals

£

£

£

COST

At 1 April 2024

12,638

515,718

528,356

Additions

-

1,900

1,900

Disposals

-

(3,742

)

(3,742

)

At 31 March 2025

12,638

513,876

526,514

DEPRECIATION

At 1 April 2024

5,561

331,349

336,910

Charge for year

505

27,780

28,285

Eliminated on disposal

-

(2,722

)

(2,722

)

At 31 March 2025

6,066

356,407

362,473

NET BOOK VALUE

At 31 March 2025

6,572

157,469

164,041

At 31 March 2024

7,077

184,369

191,446

The net book value of plant and machinery at the year end includes £Nil (2024: £45,138) held under hire purchase agreements.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

47,422

133,950

Prepayments and accrued income

67,194

104,320

Directors' current accounts

95,202

27,882

VAT

6,871

-

216,689

266,152

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

10,443

10,183

Hire purchase contracts

-

11,659

Trade creditors

66,108

40,767

Corporation tax payable

9,773

45,724

VAT

-

13,197

Accruals and deferred income

18,285

23,206

104,609

144,736

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans - repayable within

1-2 years

2,653

10,443

Bank loans - repayable within

2-5 years

-

2,651

2,653

13,094

9.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Hire purchase contracts

-

11,659

Hire purchase contracts are secured against the assets to which they relate.

10.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

Accelerated capital allowances

39,367

46,092

Other timing difference

1,666

1,928

41,033

48,020

Deferred

tax

£

Balance at 1 April 2024

48,020

Provided during year

(6,987

)

Balance at 31 March 2025

41,033

11.	RELATED PARTY DISCLOSURES

In the current year £107,319 was lent to a partnership in which two of the directors are partners for various items. £14,000 of which has been repaid at the year end. In the previous year the whole flock was sold for £50,000 to the same partnership .

At the year end the directors owe £95,202 to the company. Interest of £1,883 (2024:£Nil) was charged on this loan at HMRC's approved rate of interest.