REGISTERED NUMBER: 00373857 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

FARM SERVICES LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R P Burtonshaw

I Watt

R J Burtonshaw

SECRETARY:

R P Burtonshaw

REGISTERED OFFICE:

Chesterton Estate Yard

Banbury Road

Lighthorne

Warwick

Warwickshire

CV35 0AF

REGISTERED NUMBER:

00373857 (England and Wales)

BANKERS:

Lloyds Bank plc

12 Swan Street

Warwick

CV34 4BJ

FIXED ASSETS

Tangible assets

4

1,396,184

1,451,754

CURRENT ASSETS

Stocks

37,450

27,613

Debtors

181,976

107,449

Cash at bank and in hand

281

41

219,707

135,103

CREDITORS

Amounts falling due within one year

485,012

429,190

NET CURRENT LIABILITIES

(265,305

)

(294,087

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,130,879

1,157,667

CREDITORS

Amounts falling due after more than one year

(147,633

)

(209,092

)

PROVISIONS FOR LIABILITIES

(171,346

)

(163,643

)

NET ASSETS

811,900

784,932

CAPITAL AND RESERVES

Called up share capital

7

23,459

23,459

Revaluation reserve

8

646,301

646,301

Capital redemption reserve

20,048

20,048

Retained earnings

122,092

95,124

SHAREHOLDERS' FUNDS

811,900

784,932

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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2025 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 July 2025 and were signed on its behalf by:

R P Burtonshaw - Director

I Watt - Director

R J Burtonshaw - Director

1.	STATUTORY INFORMATION

Farm Services 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements are presented in sterling which is the functional currency of the company and is rounded to the nearest £1.

At the balance sheet date the company had net current liabilities of £265,305 (2024 - £294,087), and total net assets of £811,900 (2024 - £784,932). Included in creditors due within one year is a bank overdraft of £181,659. The company's bankers have agreed a continuation of this overdraft facility and along with the forecasted future profitable trade the business is considered a going concern. The accounts and financial statements have therefore been prepared on a going concern basis.

Turnover

Turnover comprises the value of sales (excluding value added tax, similar taxes and trade discounts) of goods and services provided in the normal course of business. Revenue is recognised when the goods are despatched, which is the same day on which the goods are delivered and hence is the point at which the risks and rewards of ownership passes to the buyer.

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

-

nil

Workshops

-

not provided

Plant and machinery

-

25% on reducing balance and 10% on reducing balance

Fixtures, fittings and equipment

-

25% on cost and 5% on reducing balance

Motor vehicles

-

25% on reducing balance

Implements and equipment

-

10% on reducing balance and 5% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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

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 profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2024 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST OR VALUATION

At 1 April 2024

2,360,641

Disposals

(69,080

)

At 31 March 2025

2,291,561

DEPRECIATION

At 1 April 2024

908,887

Charge for year

51,232

Eliminated on disposal

(64,742

)

At 31 March 2025

895,377

NET BOOK VALUE

At 31 March 2025

1,396,184

At 31 March 2024

1,451,754

The company's premises were valued on 6 September 2018 by Howkins & Harrison registered valuers on the basis of open market value of £840,000.

Cost or valuation at 31 March 2025 is represented by:

Totals

£

Valuation in 2022

760,770

Cost

1,530,791

2,291,561

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST OR VALUATION

At 1 April 2024

and 31 March 2025

468,547

DEPRECIATION

At 1 April 2024

175,412

Charge for year

29,314

At 31 March 2025

204,726

NET BOOK VALUE

At 31 March 2025

263,821

At 31 March 2024

293,135

5.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2025

2024

£

£

Net obligations repayable:

Within one year

29,516

37,641

Between one and five years

39,355

68,871

68,871

106,512

Non-cancellable

operating leases

2025

2024

£

£

Within one year

9,620

525

Between one and five years

16,033

-

25,653

525

6.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank overdrafts

181,659

242,530

Bank loan

55,560

77,112

Hire purchase contracts

68,871

106,512

306,090

426,154

The bank overdraft and loan are secured by charges over the company's freehold land and buildings. The hire purchase is secured on the assets concerned.

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

23,459

Ordinary

£1

23,459

23,459

8.

RESERVES

Revaluation

reserve

£

At 1 April 2024

and 31 March 2025

646,301

The capital redemption reserve of £20,048 represents the par value of the company's own shares purchased by the company.

9.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme in respect of the directors and certain employees. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the company and amounted to £15,080 (2024 - £16,692). At the year end there was a balance outstanding amounting to £2,021 (2024 - £1,070).

10.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.