Company registration number 14095904 (England and Wales)
CATFOSS AIRFIELD LIMITED
Unaudited Financial Statements
For The Year Ended 31 December 2024
Pages For Filing With Registrar
Catfoss Airfield Limited
CATFOSS AIRFIELD LIMITED
Contents
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 11
Catfoss Airfield Limited
CATFOSS AIRFIELD LIMITED
Accountants' Report To The Board Of Directors On The Preparation Of The Unaudited Statutory Financial Statements Of Catfoss Airfield Limited For The Year Ended 31 December 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Catfoss Airfield Limited for the year ended 31 December 2024 which comprise, the 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 at https://www.icaew.com/regulation.

This report is made solely to the b oard of d irectors of Catfoss Airfield Limited, as a body, in accordance with the terms of our engagement letter dated 30 January 2025. Our work has been undertaken solely to prepare for your approval the financial statements of Catfoss Airfield Limited and state those matters that we have agreed to state to the b oard of d irectors of Catfoss Airfield 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 Catfoss Airfield Limited and its b oard of d irectors as a body, for our work or for this report.

It is your duty to ensure that Catfoss Airfield 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 Catfoss Airfield Limited. You consider that Catfoss Airfield 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 Catfoss Airfield 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 f inancial statements.

Chavereys Limited
Chartered Accountants
The Goods Shed
Jubilee Way
Faversham
Kent
ME13 8GD
England
12 September 2025
Catfoss Airfield Limited
CATFOSS AIRFIELD LIMITED
Balance Sheet
As At 31 December 2024
- 2 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
4,156,130
4,092,294
Current assets
Stocks
5
843,382
816,190
Debtors
6
1,902,793
218,940
Cash at bank and in hand
-
0
107,479
2,746,175
1,142,609
Creditors: amounts falling due within one year
7
(3,122,961)
(1,987,491)
Net current liabilities
(376,786)
(844,882)
Total assets less current liabilities
3,779,344
3,247,412
Creditors: amounts falling due after more than one year
8
(3,350,622)
(3,141,706)
Provisions for liabilities
(29,637)
(8,965)
Net assets
399,085
96,741
Capital and reserves
Called up share capital
3
3
Profit and loss reserves
399,082
96,738
Total equity
399,085
96,741
Catfoss Airfield Limited
CATFOSS AIRFIELD LIMITED
Balance Sheet (Continued)
As At 31 December 2024
- 3 -

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 11 September 2025 and are signed on its behalf by:
Mr ED Drummond
Director
Company registration number 14095904 (England and Wales)
Catfoss Airfield Limited
CATFOSS AIRFIELD LIMITED
Notes To The Financial Statements
For The Year Ended 31 December 2024
- 4 -
1
Accounting policies
Company information

Catfoss Airfield Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Homme, Hom Green, Ross on Wye, Herefordshire, England, HR9 7TF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Not depreciated
Leasehold land and buildings
20% straight line
Plant and equipment
6.67%-20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

The company has granted tenancies over certain residential and non-residential properties within the farming estate. These properties are integral to the estate and the trading operations undertaken on the estate. In these circumstances, the directors do not consider these properties are held either solely or primarily for their investment potential and, consequently, they have not been classified as investment property.

Catfoss Airfield Limited
CATFOSS AIRFIELD LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2024
1
Accounting policies
(Continued)
- 5 -
1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

Biological assets not held for continuing use within the company are classed as current assets and are included within stocks and are stated at cost less impairment. Costs comprise of the purchase cost and any additional costs incurred through the growing cycle.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Catfoss Airfield Limited
CATFOSS AIRFIELD LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2024
1
Accounting policies
(Continued)
- 6 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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. A m ounts 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.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Catfoss Airfield Limited
CATFOSS AIRFIELD LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2024
1
Accounting policies
(Continued)
- 7 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.13
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Catfoss Airfield Limited
CATFOSS AIRFIELD LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2024
- 8 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
7
3
4
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Total
£
£
£
£
Cost
At 1 January 2024
3,670,420
-
0
450,831
4,121,251
Additions
-
0
8,346
102,796
111,142
At 31 December 2024
3,670,420
8,346
553,627
4,232,393
Depreciation and impairment
At 1 January 2024
-
0
-
0
28,957
28,957
Depreciation charged in the year
-
0
1,252
46,054
47,306
At 31 December 2024
-
0
1,252
75,011
76,263
Carrying amount
At 31 December 2024
3,670,420
7,094
478,616
4,156,130
At 31 December 2023
3,670,420
-
0
421,874
4,092,294

Freehold land and buildings with a carrying amount of £3,670,420 (2023 - £3,670,420) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

Catfoss Airfield Limited
CATFOSS AIRFIELD LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2024
- 9 -
5
Stocks
2024
2023
£
£
Poultry
843,382
816,190
843,382
816,190
Biological assets included within stock are as follows:
Biological assets - poultry
2024
2023
£
£
As at 1 January
816,190
-
Net movement from purchases, deaths and sales
27,192
816,190
As at 31 December
843,382
816,190
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
904,156
95,089
Other debtors
937,384
98,151
Prepayments and accrued income
61,253
25,700
1,902,793
218,940
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
268,747
464,272
Trade creditors
2,339,408
962,009
Corporation tax
43,193
19,970
Other taxation and social security
6,635
-
0
Other creditors
28,236
160,863
Accruals and deferred income
436,742
380,377
3,122,961
1,987,491
Catfoss Airfield Limited
CATFOSS AIRFIELD LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2024
- 10 -
8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
3,332,406
3,141,706
Accruals and deferred income
18,216
-
0
3,350,622
3,141,706
9
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
29,764
8,965
Other temporary timing differences
(127)
-
29,637
8,965
2024
Movements in the year:
£
Liability at 1 January 2024
8,965
Charge to profit or loss
20,672
Liability at 31 December 2024
29,637
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
765,495
-
Catfoss Airfield Limited
CATFOSS AIRFIELD LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2024
- 11 -
11
Prior period adjustment
Reconciliation of changes in equity
1 October
31 December
2022
2023
£
£
Adjustments to prior year
Derecognition of investment property
-
(256,618)
Deferred tax impact of the above
-
64,154
Total adjustments
-
(192,464)
Equity as previously reported
3
289,205
Equity as adjusted
3
96,741
Analysis of the effect upon equity
Revaluation reserve
-
(192,464)
Reconciliation of changes in profit for the previous financial period
2023
£
Total adjustments
-
Profit as previously reported
96,738
Profit as adjusted
96,738
Notes to reconciliation

During the year, the directors identified certain errors in prior year financial statements, which have been adjusted as follows:

Investment Property

Properties previously classified as investment property did not meet the recognition criteria under FRS 102, as they were not held exclusively to earn rentals or for capital appreciation. These properties have been reclassified as freehold property, with prior revaluations and deferred tax adjustments reversed. The impact on reserves can be seen above.

Stock

An error was identified in the prior year relating to the presentation of stock. Certain direct production costs had been included within prepayments rather than stock in addition to an over accrual of costs into stock. The error had no impact on previously reported profit or reserves. To correct this, comparative figures have been adjusted as follows:

- Stock increased by £86,072

- Prepayments decreased by £656,099

- Accruals decreased by £570,027

All adjustments have been reflected retrospectively in accordance with FRS 102.

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